Lowe’s Cos., the second-largest U.S. home-improvement chain, posted a 6.3 percent profit gain as the housing rebound spurred renovation spending. The company also announced a plan to buy back $5 billion in shares.
Fourth-quarter net income increased to $306 million, or 29 cents a share, from $288 million, or 26 cents, a year earlier, the Mooresville, North Carolina-based retailer said today in a statement. Excluding some items, profit was 31 cents a share in the period, which ended Jan. 31. That matched the average of 24 analysts’ estimates compiled by Bloomberg.