Lowe’s Q2 Profit Jumps 21.6%

Lowe’s Inc the number-two US home improvement retailer, reported a 21.6% rise in quarterly profit on Wednesday as an increase in remodeling activity boosted traffic to its stores. Lowe’s net income rose to $1.42 billion, or $1.68 per share in the second quarter ended August 4, from $1.17 billion, or $1.31 per share, a year earlier, Business Insider reported. Sales at stores open for more than 12 months rose 4.5%, edging past the 4.3% expected by analysts on average, according to research firm Consensus Metrix. Net sales climbed 6.8% to $19.50 billion.