Like Home Depot, Lowe's results benefit from housing rebound

NEW YORK Wed Aug 21, 2013 6:16am EDT

NEW YORK Aug 21 (Reuters) - No. 2 home improvement chain Lowe's Cos Inc reported a rise in quarterly profit and sales on Wednesday as U.S. homeowners encouraged by the housing market recovery spent more on their homes.

Net earnings rose to $941 million, or 88 cents a share, in the second quarter ended Aug. 2 from $747 million, or 64 cents a share, a year earlier.

The news came the day after larger rival Home Depot Inc reported strong results, including its first double-digit rise since 1999 in sales at stores open at least a year.

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