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Lowe's 2Q profit rises 9 percent

Lowe's Cos., the nation's second largest home improvement chain, said Monday that its second-quarter profit rose 9 percent on higher overall revenue.
/ Source: The Associated Press

Lowe's Cos., the nation's second largest home improvement chain, said Monday that its second-quarter profit rose 9 percent on higher overall revenue.

But its sales at stores open at least a year fell. The home improvement market has been slowing amid a slump in the housing sector.

The Mooresville, N.C.-based retailer said it earned $1.02 billion, or 67 cents a share, for the three months ended Aug. 3, up from $935 million, or 60 cents a share, a year earlier.

Revenue rose to $14.17 billion from $13.39 billion a year earlier.

But same-store sales, or sales in stores open at least one year and a key measure of industry performance, fell 2.6 percent.

Analysts surveyed by Thomson Financial had been looking for net income of 61 cents a share on revenue of $14.13 billion.

Lowe's is second to The Home Depot Inc. among home improvement store chains.