Lowe’s sees profit rise 10 percent during quarter

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Published: August 16,2010

Tags: investing, retail, stocks and bonds

MOORESVILLE, N.C. — Home-improvement retailer Lowe’s Cos. says its profit rose 10 percent in the second quarter as sales edged up and the company kept costs in check.

Lowe’s says revenue from stores open at least a year rose 1.6 percent.

Chairman and CEO Robert Niblock says there won’t be consistent improvement in demand until the labor and housing markets improve.

The Mooresville, N.C., company says net income rose to $832 million, or 58 cents per share, in the quarter ended July 30. That’s up from $759 million, or 51 cents per share.

Revenue grew 4 percent to $14.36 billion.

Thomson Reuters says analysts expected a profit of 59 cents per share and $14.52 billion in revenue.

The company runs 1,724 stores in the U.S., Canada and Mexico.

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