Lowe’s 4Q adjusted profit meets analysts’ estimates; announces $5B stock repurchase program

By The Associated Press
February 26 2014 03:20 AM

CP27371942 — FILE - In this Monday, Sept. 10, 2012 file photo, dryers are seen from the inside of another clothes\' dryer, foreground, at a Lowe\'s store location, in Framingham, Mass. Lowe\'s Cos. Inc. reports quarterly financial results before the market opens on Wednesday, Feb. 26, 2014. (AP Photo/Steven Senne, File)

MOORESVILE, N.C. – Lowe’s fiscal fourth-quarter net income rose 6 per cent, as the home-improvement retailer continued to benefit from the housing market’s recovery.

The Mooresville, N.C., company also announced a new $5 billion stock repurchase program on Wednesday.

Lowe’s Cos. earned $306 million, or 29 cents per share, for the period ended Jan. 31. That’s up from $288 million, or 26 cents per share, a year ago.

Excluding impairment charges, earnings were 31 cents per share. That matched analysts’ estimates.

Revenue rose 6 per cent to $11.66 billion from $11.05 billion. Wall Street forecast $11.67 billion.

Sales at stores open at least a year increased 3.9 per cent.

Lowe’s financial report comes a day after larger rival Home Depot Inc.’s results topped analysts’ estimates on cost cuts despite sluggish sales.

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