UPDATE 1-Like Home Depot, Lowe's benefits from housing rebound
Aug 21 (Reuters) - No. 2 home improvement chain Lowe's Cos Inc reported a bigger-than-expected rise in quarterly profit and sales on Wednesday as the housing market's recovery encouraged Americans to spend more on their homes.
The news came the day after larger rival Home Depot Inc reported strong results, including its first double-digit rise since 1999 in sales at stores open at least a year.
At Lowe's, net earnings rose to $941 million, or 88 cents a share, in the second quarter ended Aug. 2 from $747 million, or 64 cents a share, a year earlier.
Analysts on average were expecting a profit of 79 cents a share, according to Thomson Reuters I/B/E/S.
Sales rose 10.3 percent to $15.71 billion, beating the analysts' average estimate of $15.06 billion. Same-store sales rose 9.6 percent.