Lowe’s Profit Meets Estimates; Forecast Is Trimmed |
| Bloomberg - Nov 16, 2009 |
Lowe’s Cos., the second-largest U.S. home-improvement retailer, posted third-quarter profit that met analysts’ estimates and trimmed the high end of its full-year forecast as consumers refrained from spending on large projects.
Net income dropped to $344 million, or 23 cents a share, from $488 million, or 33 cents, a year earlier, the Mooresville, North Carolina-based company said today in a statement. Excluding a writedown in the value of some stores and a tax benefit, earnings totaled 24 cents, in line with the average of 25 analysts’ estimates compiled by Bloomberg.
Sales in stores open at least 13 months fell 7.5 percent, compared with a 9.5 percent drop in the second quarter. Lowe’s, led by Chairman and Chief Executive Officer Robert Niblock, slashed store-opening costs by two-thirds in the quarter and predicted revenue will be unchanged this year as falling home values and rising unemployment make consumers cautious.
Read Full Article from Bloomberg
- Posted: 2009-11-16 10:45:22
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