Business

market movers

At Lowe’s, profit climbs more than 6%

Housing market growth may slow in 2014, but Lowe’s predicts strong spending on home projects.
Reuters/File 2011
Housing market growth may slow in 2014, but Lowe’s predicts strong spending on home projects.
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Lowe’s Cos.’ quarterly net income rose more than 6 percent to $306 million as the home-improvement retailer continued to benefit from the housing market’s recovery. Revenue rose 5.6 percent to $11.66 billion. For the full year, Lowe’s earned $2.29 billion, up from $1.96 billion. Annual revenue rose 6 percent to $53.42 billion. Lowe’s also announced a new $5 billion buyback. A remaining $1.3 billion balance under a prior program will continue to be used, for a total authorization of $6.3 billion.