Mooresville, N.C.-based Lowe's reported third-quarter net income of $396 million, up 76% from earnings of $225 million a year ago. Revenues increased 2% to $12.07 billion, ahead of consensus estimates of $11.93 billion.
“We are keenly focused on improving our core business,” commented Robert A. Niblock, Lowe’s chairman, president and CEO. “Our level of execution is improving and we delivered solid results in the third quarter."
Same-store sales increased 1.8% for both U.S. stores and all stores.
For the full year, the company said total sales are expected to be about flat, but 2011 had an extra week in the calendar. On a 52-to-52 week basis, total sales are expected to increase approximately 2%.
The company expects comparable store sales to increase approximately 1% (on a 52 versus 52 week basis).
Lowe's has 1,750 stores in North America. The retailer said its expects to open approximately 10 stores in fiscal year 2012.