Lowe’s raises outlook as housing rebound boosts sales

(Reuters) – No. 2 home improvement chain Lowe’s Cos Inc (LOW.N ) reported a rise in quarterly profit and raised its outlook for the current fiscal year on Wednesday as U.S. homeowners encouraged by the housing market recovery spent more on their homes.

Net earnings rose to $499 million, or 47 cents a share, in the third quarter ended November 1 from $396 million, or 35 cents a share, a year earlier.

Sales rose 7.3 percent to $12.96 billion.

(Reporting by Dhanya Skariachan– Editing by Lisa Von Ahn)