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Housing recovery boosts Lowe’s sales

Lowe’s raised its full-year forecast to $2.10 a share, up from $2.05.

Reuters/File

Lowe’s raised its full-year forecast to $2.10 a share, up from $2.05.

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Lowe’s second-quarter net income soared as Americans started snapping up home supplies again. It earned $941 million, or 88 cents a share, compared with $747 million, or 64 cents, a year earlier. Revenue at stores open at least a year rose 9.6 percent, the most since 2004. It has revamped its pricing structure, offering what it calls permanent low prices on many items. Lowe’s also said its acquisition of Orchard Supply Hardware received US Bankruptcy Court approval.

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