Cost cuts, higher sales boost Lowe's 4Q results

[February 22, 2010]  MOORESVILLE, N.C. (AP) -- Lowe's Cos. says costs cuts and a modest sales gain helped its fourth-quarter profit rise 27 percent.

The No. 2 home-improvement company also says it expects sales to rise as the housing market recovers. But its first-quarter earnings outlook fell short of analyst expectations.

Lowe's says its fourth-quarter profit rose to $205 million, or 14 cents per share.

Revenue edged up nearly 2 percent to $10.17 million. Results beat analyst expectations.

The company expects first-quarter earnings of 27 to 29 cents per share, short of analyst expectations of 33 cents per share.

Home improvement retailers have suffered amid the prolonged housing slump and economic downturn. But that appears to be stabilizing.

[Associated Press]

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