February 26, 2014 / 11:16 AM / 4 years ago

Lowe's profit rises 6 pct

Feb 26 (Reuters) - Lowe’s Cos Inc, the No. 2 U.S. home improvement retailer, reported a 6.3 percent rise in quarterly profit, helped by a nearly 4 percent rise in same-store sales.

The company said net income rose to $306 million, or 29 cents per share in the fourth quarter ended Jan. 31 from $288 million, or 26 cents per share, a year earlier.

Sales rose 5.6 percent to $11.66 billion.

Lowe’s also said its board has authorized an additional $5 billion share repurchase program.

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