Lowe’s 4Q net income tops expectations

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$PHOTOCREDIT_ON$Associated Press$PHOTOCREDIT_OFF$

MOORESVILLE, N.C. — Home improvement retailer Lowe's Cos. says cleanup efforts after Superstorm Sandy helped its fourth-quarter net income surpass expectations.

But its net income fell 11 percent from last year's quarter, which included an extra week of revenue.

Lowe's net income totaled $288 million, or 26 cents per share, for the three months ended Feb. 1. That's down from $322 million, or 26 cents per share, a year ago. Analysts expected 23 cents per share.

There were 11 percent fewer shares outstanding than a year ago, which increases the value of each share. An extra week in the quarter last year boosted year-ago earnings by 5 cents per share.

Revenue fell 5 percent to $11.05 billion. Analysts expected $10.85 billion.

Lowe's expects fiscal 2013 net income of $2.05 per share. Analysts expect $2.10 per share.