Lowe's Cos. Inc. reports quarterly financial results before the market opens on Feb. 26, 2014. (Steven Senne / AP)
Mooresvile, N.C. — Lowe’s fiscal fourth-quarter net income rose 6 percent, 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 percent 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 percent.
Lowe’s financial report comes a day after larger rival Home Depot Inc.’s results topped analysts’ estimates on cost cuts despite sluggish sales.