Lowe’s earnings jump 26%
Retailer beats analyst estimates
Lowe’s (LOW) second-quarter earnings surpassed analyst expectations, rising 26% thanks to an improving housing market, The Wall Street Journal reported. The publication delved into the firm's earnings Wednesday:
Chief Executive Robert Niblock characterized home improvement demand as strong during the quarter ended Aug. 2, for which Lowe's reported a profit of $941 million, or 88 cents a share, compared with a profit of $747 million, or 64 cents a share, a year ago. The year-earlier period included a one-cent charge related to staff reductions at the company's U.S. headquarters and a three-cent charge tied to a calendar shift.