Lowe's Cos. Inc., the second-largest home improvement retailer, on Monday reported higher-than-expected quarterly earnings and gave a bullish outlook as renovations and commercial business fueled its strongest sales increase in years.

The company, whose shares rose nearly 4 percent, continues to grow faster than rival Home Depot Inc. as it moves into bigger U.S. cities. It forecast profit for the current quarter and year above Wall Street estimates.

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