Business

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Lowe’s profit surges 76 percent

Lowe’s and its bigger rival, Home Depot, benefited from disaster-preparation sales as Hurricane Sandy approached. Current-quarter sales are apt to rise as homeowners repair their properties and the housing market rebounds.
Seth Wenig/Associated Press
Lowe’s and its bigger rival, Home Depot, benefited from disaster-preparation sales as Hurricane Sandy approached. Current-quarter sales are apt to rise as homeowners repair their properties and the housing market rebounds.
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Lowe’s Cos.’ quarterly profit rose 76 percent as the home-improvement retailer’s revenue edged up amid efforts to revamp merchandise and pricing. Lower costs also helped. Adjusted earnings of 40 cents per share beat the 36 cents analysts predicted in a FactSet poll. Revenue rose 2 percent to $12.07 billion. Revenue at stores open at least a year rose 1.8 percent.