February 28, 2018 / 11:08 AM / a year ago

Lowe's reports higher-than-expected same store sales

Feb 28 (Reuters) - Lowe’s Companies Inc’s sales growth at established stores in the fourth quarter beat analysts’ estimates on Wednesday, as the No.2 U.S. home improvement chain got a boost from higher customer traffic in an improving housing market.

Sales at stores open at least a year rose 4.1 percent, above the average analyst estimate of 3.1 percent, according to Thomson Reuters I/B/E/S.

However, the company’s net income fell to $554 million, or 67 cents per share, in the quarter ended Feb. 2, from $663 million, or 74 cents per share, a year earlier that included an extra week.

Net sales fell nearly 2 percent to $15.49 billion. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D’Souza)

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