Lowe’s Cos. on Monday surged the most in more than three years after fiscal third-quarter profit topped analysts’ estimates, helped by better merchandising decisions and the recovering U.S. housing market.
Lowe’s, the second-largest U.S. home-improvement retailer, advanced 6.2 percent to $33.96 at the close in New York, the biggest gain since May 2009. The Mooresville, N.C.-based company’s shares had risen 26 percent this year through Nov. 16. Chief Executive Officer Robert Niblock increased sales at established stores 1.8 percent, beating analysts’ estimates, while trimming promotions and eliminating slow-selling items in flooring and other departments.
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