Finance & Capital Management

Positive same-store sales in 12 of 14 merchandise categories at Lowe’s pushed third-quarter profits up 76%.

Lowe's reported third-quarter net income of $396 million, up 76% from earnings of $225 million a year ago on revenues that increased 2% to $12.07 billion, ahead of consensus estimates of $11.93 billion. Same-store sales increased 1.8%.

Lowe’s president and CEO Robert Niblock called the results solid and said the company is focused on improving execution, delivering value and increasing product differentiation.

New York -- Lowe's Cos. said Monday that its third-quarter net income jumped 76%, helped by lower costs and higher revenue. Its adjusted earnings without charges and its revenue both beat Wall Street forecasts.  

Lowe's earned $396 million for the three months ended Nov. 2. That compares with $225 in the year-ago period. Revenue rose 2% to $12.07 billion from $11.85 billion. Same-store sales were up 1.8%.

New York -- Importers and manufacturers who sell to America's major retailers continue to be optimistic regarding a strong fourth quarter and holiday shopping season, according to Capital Business Credit, a non-bank lender that services the retail sector.

NEW YORK — The late Russ Berrie, former CEO and chairman of Russ Berrie & Company, and Judy Ellis, founder of the nation’s first baccalaureate program in toy design, are the newest inductees to the Toy Industry Hall of Fame.

Established in 1984, the Hall of Fame comprises 59 individuals who have been previously recognized for their significant contributions to the growth and success of the toy industry. Berrie and Ellis were nominated from within the toy industry and selected by a vote of TIA members and previous Hall of Fame honorees.

WILMINGTON, Del. — The retail industry is awash with forecasts and projections during the holidays, but a near real-time indicator from Chase reveals how shoppers are actually behaving.

New York -- Best Buy is open to considering a lowered bid from founder Richard Schulze, according to the New York Post.

The report, citing sources close to the company, suggested the chain is now open to a bid of around $20 per share.

WEST LONG BRANCH, N.J. — Sleep Innovations, designer and manufacturer of memory foam products, has been acquired by an affiliate of Sun Capital Partners. The private investment firm specializes in leveraged buyouts and investments in market-leading companies.

NORWICH, N.Y. — Chobani founder Hamdi Ulukaya has won the Ernst & Young National Entrepreneur of the Year 2012 Retail and Consumer Products Award. Ulukaya was also awarded the Ernst & Young National Entrepreneur of the Year 2012 Overall Award.

The Ernst & Young Entrepreneur of the Year Award encourages entrepreneurial activity and recognizes leaders and visionaries who demonstrate innovation, financial success and personal commitment as they create and build world-class businesses.