MOORESVILLE, N.C. - (AP) - Lowe's Cos. (LOW), the nation's No. 2 home improvement chain, said Monday that its profit rose 10.8 percent despite a slowing housing market and a relatively calm hurricane season.
The Mooresville, N.C.-based retailer said it earned $716 million, or 46 cents a share, for the three months ended Nov. 3, up from $646 million, or 40 cents a share, a year earlier.
Revenue rose to $11.2 billion from $10.6 billion a year earlier.
Analysts surveyed by Thomson Financial had been looking for net income of 43 cents a share on revenue of $11.49 billion.
Still, its net income was down from the $935 million reported in the second quarter as home improvement chains face pressure from the weakening housing market.