Lowe’s Cos., the nation’s No. 2 home improvement retailer behind The Home Depot, beat Wall Street expectations Monday when it reported fourth-quarter earnings of $322 million, a 13-percent increase on the year.
Fourth-quarter earnings per diluted share rose 23.8 percent to 26 cents (analysts expected 23 cents) from 21 cents a year earlier.
For the full fiscal year – which ended Feb. 3 and included 53 weeks – Lowe’s posted 8.5-percent lower net earnings ($1.8 billion), while earnings per diluted share increased 0.7 percent to $1.43.
Importantly, U.S. same-store sales increased 3.5 percent in the fourth quarter compared to the comparable 14-week year-ago period. Full-year same-store sales were flat, the company said.
“We delivered solid results for the quarter, including earnings per share that exceeded our guidance,” CEO Robert A. Niblock said in a statement.
Founded in 1946 and headquartered in North Carolina, Lowes operated 1,745 stores in the U.S., Canada and Mexico as of Feb. 3 including two in the Santa Clarita Valley.
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