Mooresville, N.C. -- Lowe’s Cos. reported Monday that profit for the quarter ended Feb. 3 rose 13% to $322 million, compared with $285 million a year earlier. Results topped Wall Street expectations and demonstrated an upward consumer swing in home-improvement projects.
Quarterly sales increased 11% to $11.6 billion from $10.5 billion, beating analysts’ expectations of $11.35 billion in revenue. Same-store sales rose 3.4%.
“In 2012, we will capitalize on refinements we have made to our operating strategies, as well as our efforts to improve the customer experience,” said Robert A. Niblock, Lowe’s chairman, president and CEO.
For the full year, the company said profit dipped 8.5% to $1.8 billion, sales edged up 2.9% to $50.2 billion, and same-store sales were flat.
Lowe’s said it expects to open approximately 10 stores in fiscal year 2012.