Lowe’s posts higher-than-expected Q3 sales and profits

New York -- Lowe's Cos. said Monday that its third-quarter net income jumped 76%, helped by lower costs and higher revenue. Its adjusted earnings without charges and its revenue both beat Wall Street forecasts.  

Lowe's earned $396 million for the three months ended Nov. 2. That compares with $225 in the year-ago period. Revenue rose 2% to $12.07 billion from $11.85 billion. Same-store sales were up 1.8%.

Lowe's has been retooling its pricing strategy, and last summer returned to offering permanent low prices on many items across the store, instead of offering promotional discounts.

"We are keenly focused on improving our core business," said CEO Robert A. Niblock. "Our level of execution is improving and we delivered solid results in the third quarter."