(Reuters) - Lowe's Cos Inc reported higher-than-expected comp sales and profit on Tuesday, helped by lower costs as well as higher demand for emergency supplies and rebuilding material due to hurricanes battering several regions in the United States.
Sales at stores open at least a year increased 5.7 percent, above the average analyst estimate of 4.6 percent growth, according to Thomson Reuters I/B/E/S.
The company said hurricane-related sales in the quarter were about $200 million.
The retailer also said Chief Operating Officer Rick Damron would retire and would be replaced by the president of Lowe's international business, Richard Maltsbarger, effective Feb. 3.
Larger rival Home Depot Inc raised its full-year forecasts last week after Hurricanes Harvey and Irma spurred demand for emergency supplies and rebuilding materials even as the retailer benefits from a multi-year recovery in the housing market.
Promotions to woo professional contractors, a clientele with deeper pockets than Lowe's traditional client base of do-it-yourself customers also helped the retailer post comparable sales above the company average in the third quarter, Lowe's Chief Executive Robert Niblock said.
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Selling and general expenses fell about 7 percent to $3.81 billion in the quarter ended Nov. 3.
Net income rose to $872 million, or $1.05 per share, in the quarter, from $379 million, or 43 cents per share, a year earlier. The year-ago quarter had included $462 million of non-cash pre-tax charges.
Net sales rose 6.6 percent to $16.77 billion.
Analysts on average had expected earnings of $1.02 per share on revenue of $16.59 billion, according to Thomson Reuters I/B/E/S.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Martina D'Couto)
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