Lowe’s Posts Lower Profit
Atlanta, Lowe’s Cos. said Monday that third-quarter profits fell 10%, causing the company to cut its full-year forecast.
The home improvement chain’s net earnings reached $643 million for the quarter ended Nov. 2, from $716 million a year ago.
While total sales rose 3.2% to $11.6 billion, same-store sales fell 4.3%. The company blamed the declines on lower home sales and falling home prices, the drought that ravaged the U.S. south, and lower-than-expected Gulf Coast sales.