Lowe's Cos. surges after profit jump
A dramatic jump in profit helped push shares of Lowe's Cos. up 9.9 percent to a Friday close of $35.15 per share.
The bounce came as the home improvement retailer's plan of everyday low pricing bore fruit in the third quarter.
The company reported earnings jumped 76 percent to $396 million, beating Wall Street expectations. On Monday alone, shares soared 6 percent and came close to a five-year high mark.
Company executives downplayed the impact of Superstorm Sandy or an improved housing market on the results, crediting the low pricing strategy and a new mix of merchandise.
The company is in the midst of transforming its product assortment. Over the past year, the company has cut jobs, curbed store expansion and streamlined its supply chain.
Lowe's, based in Mooresville, N.C., operates stores in Wilkes-Barre Twp., Scranton and Hazleton and has a distribution center outside Pittston.
The company's shares are traded under the symbol LOW.
With fiscal 2011 sales of $50.2 billion, Lowe's serves some 15 million customers a week at more than 1,745 home improvement stores in the U.S., Canada and Mexico.