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WILKESBORO, N.C. -- The fiscal first-quarter profit of Lowe's Co. rose an unexpectedly robust 20% as the home-improvement retailer controlled costs and increased sales.
Net income rose to $225.3 million, or 58 cents a share, from $187.1 million, or 49 cents, a year earlier, Lowe's said. Sales in the quarter ended May 4 rose 18% to $5.28 billion, helped by new stores and an extra week in the quarter.
The company sold more flooring, plumbing fixtures and electrical supplies, which generate higher profit than other products, analysts said.
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