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Monday, November 14, 2011

Lowe's 3Q Profit Sinks 44 Percent On Charges

MOORESVILLE, N.C. (AP) - Lowe's Cos.' third-quarter net income sank 44 percent, weighed down by charges tied to store closings and discontinued projects.

The nation's second-largest home improvement retailer earned $225 million, or 18 cents per share, in the three months that ended Oct. 28. That compares with net income of $404 million, or 29 cents per share, in last year's quarter.

Revenue climbed 2 percent to $11.9 billion.


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