Chain’s profit jumps 28%

Monday, Aug. 18, 2003 | 9:14 a.m.

CHARLOTTE, N.C. -- Lowe's Cos. Inc., the nation's second-largest home improvement chain, reported today that its second-quarter earnings rose by nearly 28 percent over the same period last year, as homeowners caught up on spring projects delayed by cold and wet weather.

The Wilkesboro, N.C.-based company reported a profit of $597 million for the quarter ended Aug. 1, a 27.8 percent increase over the same period a year ago when its the profit was $467 million.

The results exceeded Wall Street's estimates as earnings per share increased 27 percent to 75 cents, up from 59 cents in the second quarter of 2002. Analysts surveyed by Thomson First Call projected earnings per share of 69 cents. Sales increased 17.2 percent in the quarter to $8.77 billion.

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