Lowe's Profit Jumps 10.8 Percent Despite Cooling Housing Market

Earnings: Lowe's

Lowe's Reports 10.8 Percent Rise In Profit

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.

Last week, larger rival Home Depot Inc. (HD) reported lower than expected third-quarter results and cut its full-year sales and profit forecasts, blaming the downturn in the housing sector.

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