Lowe’s Profits Soar With Consumer Spending

LOWESLowe’s Cos Inc, the No.2 U.S. home improvement chain by sales, reported a 7.9 percent rise in quarterly profit as an improving job market encouraged Americans to spend on renovations.

The company’s net income rose to $673 million, or 70 cents per share, in the first quarter ended May 1 from $624 million, or 61 cents per share, a year earlier.

Net sales rose 5.4 percent to $14.13 billion.

Total same-store sales rose 5.2 percent. Analysts on average had estimated a 6.1 percent rise, according to Consensus Metrix.