NEW YORK (CNN/Money) -
Lowe's Cos., the second-largest home improvement retailer behind Home Depot Inc., reported third-quarter profit Monday that rose from a year earlier.
The Mooresville, N.C.-based retailer posted net income of $522 million, or 66 cents a share, compared with $452 million, or 55 cents a share, a year earlier.
Analysts were expecting profit of 65 cents a share, according to First Call.
Sales for the quarter rose 16.2 percent to $9.1 billion, up from $7.8 billion in the third quarter of 2003. Sales at its stores open at least a year -- a key retail measure known as same-store sales -- rose 5.2 percent in the period.
Lowe's (Research) CEO Robert Tillman said in a statement that the retailer expects business to benefit from "continued signs of a robust housing market, improving employment and strong demographic trends" in the months ahead.
For the fourth-quarter, Lowe's forecast profit of between 58 to 60 cents a share, and expects to open 56 new stores in the period. Lowe's expects full-year profit to be between $2.85 to $2.87 a share, excluding one-time items.
Including extraordinary items, the retailer expects to post full-year EPS of between $2.69 to $2.71 a share. Analysts estimate a fourth-quarter profit of 60 cents a share and $2.70 a share for the full year, according to First Call.
Same-store sales for the year are expected to rise between 6 to 7 percent.
Lowe's shares gained 36 cents to $60.25 on Friday on the New York Stock Exchange.
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