Mooresville, N.C. -- Lowe's Co. reported fourth quarter profits that topped Wall Street estimates, helped rebuilding efforts in the wake of Hurricane Sandy and general remodeling activity. The retailer also said it authorized a new $5 billion share buyback program that it expects to use in the next two year
Lowe’s earned $288 million in the fourth quarter ended on Feb. 1, compared with $322 million. (Lowe’s fiscal year ends on the Friday nearest the end of January; therefore, fourth quarter and fiscal year 2011 included an extra week compared to 2012.)
Sales for the fourth quarter decreased 5% to $11.0 billion, from $11.6 billion in fourth quarter 2011. Same-store sales increased 1.9% as builders started single-family housing at the fastest rate in four years, boosting spending by contractors.
“We delivered solid results in the fourth quarter,” commented Robert A. Nib