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Lowe's (LOW) beat Wall Street's estimates, and guided in line for the current quarter.

The Mooresville, N.C.-based retailer said it earned $613 million, or 40 cents a share, for the three months ended Feb. 2, down from $693 million, or 43 cents a share, a year earlier.

Revenue fell to $10.4 billion from $10.8 billion a year earlier. Same-store sales, or sales in stores open at least one year, a key measure of industry performance, fell 5.3 percent.

Analysts surveyed by Thomson Financial had been looking for net income of 37 cents a share on revenue of $10.36 billion. The estimate for earnings typically excludes one-time items.

On Tuesday, rival Home Depot Inc., the nation's largest home improvement store chain, said its fourth-quarter income dropped 28 percent. Its same-store sales dropped 6.6 percent.

"Sales continued to be pressured by a slowing housing market, tough comparisons to last year's hurricane recovery and rebuilding efforts and significant deflation in lumber and plywood prices," Robert A. Niblock, Lowe's chairman and chief executive said in a statement accompanying the results.

For the year, Lowe's said it earned $3.11 billion, or $1.99 a share, compared to $2.77 billion, or $1.73 a share, for the same period a year ago. Twelve-month revenue rose to $46.9 billion, compared to $43.2 billion a year earlier. ...

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