NEW YORK (AP) -- Home improvement retailer Lowe's Cos. said Monday that its net income fell 11 percent in the fourth quarter but results surpassed expectations, helped by the cleanup from Superstorm Sandy and a new pricing strategy that eliminates fleeting discounts. Chief Operating Officer Rick Damron discussed on a conference call its business with professional contractors.
QUESTION: How is business with professional contractors holding up?
RESPONSE: "In the fourth quarter we saw solid growth in ticket and transaction. We had positive increases in both. And as it relates to all transaction buckets, we saw increases across all transaction buckets. Transactions under $50, all the way up to transactions over $10,000 all saw positive increases throughout the quarter.
"So we feel that we are accomplishing a balance between managing the small maintenance and repair customer, the small local repair business, as well as the larger commercial accounts across the country. So we feel good about the balanced approach we are seeing across our ProServices initiative."
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