NEW YORK (CNNfn) - Lowe's Cos., the nation's No. 2 home improvement retailer reported slightly better-than-expected fiscal second-quarter earnings Monday as the company logged higher sales of appliances, paint, millwork and flooring.|
The company also reiterated guidance for the third quarter and fiscal year.
For the quarter ended Aug. 3, Wilkesboro, N.C.-based Lowe's earned $329.1 million, or 42 cents a share, up from $280 million, or 36 cents a share, a year earlier. Analysts surveyed by earnings tracker First Call anticipated a profit of 41 cents a share.
Second-quarter sales increased 4 percent to $6.1 billion from $5.3 billion.
The company also said it anticipates third quarter earnings between 30-32 cents a share and full-year earnings between $1.23 and $1.25 a share, both in line with Wall Street estimates, according to First Call.
Third quarter sales are expected to increase 20 percent from the year-earlier period, and fiscal-year sales to increase 17 to 18 percent, the company said.
Home improvement retailers such as Lowe's and rival Home Depot (HD: Research, Estimates) , the No. 1 chain in the sector, have fared better than most retailers in the slowing economy, thanks chiefly to a real estate market that has remained robust and consumers who are willing to spend on fixing up their homes, analysts have said.
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Both companies are also recovering from a sharp drop in lumber prices, which has hurt profit over the last several quarters.
Lowe's (LOW: Research, Estimates) †shares ended down $1.06 at $35.04 Friday.