Lowe’s Earnings Rise 35% on Expansion
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Lowe’s Cos., the No. 2 home improvement retailer, said third-quarter earnings rose 35% as the company expands into bigger cities in the Northeast.
Net income increased to $339.2 million, or 43 cents a share, from $250.5 million, or 32 cents, a year earlier. Sales rose 18% to $6.41 billion.
Lowe’s opened 18 stores in the quarter for a total of 823. Chief Executive Robert Tillman has stepped up the competition by entering cities such as Boston, where larger rival Home Depot Inc. dominates.
Shares of Wilkesboro, N.C.-based Lowe’s fell $1.80 to $40.70 on the NYSE.
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