(MOORESVILLE) -- Lowe’s Companies, Inc. reported fourth quarter net income of $285 million. This is up from $205 million during the same period of the previous year. The Mooresville-based home improvement retailer reported its full fiscal year net income increased 12.7 percent to $2 billion.

The company's sales during the fourth quarter increased 3.1 percent to $10.5 billion, up from $10.2 billion in the fourth quarter of 2009. For the full fiscal year, sales increased 3.4 percent to $48.8 billion.

“We delivered solid results for the quarter, including earnings that exceeded our guidance,” said Robert A. Niblock, Lowe's chairman and CEO. “While uncertainty in the market remains, the economic recovery is continuing."