“(Reuters) – Lowe’s Cos Inc’s quarterly results beat analysts’ estimates on Monday as sales benefited from rebuilding after Hurricane Sandy and the retailer’s own efforts to improve product selection and customer service.
The results prompted the world’s No. 2 home improvement chain to forecast higher revenue in the current fiscal year. Lowe’s said it expected total sales to rise about 4 percent from $50.52 billion in year ended on February 1.
The company also forecast a 3.5 percent increase in fiscal-year sales at stores open at least a year.
Lowe’s, which has lagged behind larger rival Home Depot , is in the middle of a makeover. It has closed locations, curbed openings, cut jobs, streamlined its supply chain and invested in its stores and its online business.
Home Depot plans to report its results on Tuesday….”
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