Lowe’s Cos., the No. 2 home-improvement retailer, said Monday its third-quarter profit fell 30 percent as customers continued to delay large purchases amid a weak economy. But Lowe’s said some of the hardest hit home markets are stabilizing.
Profit in the quarter ended Oct. 30 was $344 million, or 23 cents per share, down from $488 million, or 33 cents per share, in the same quarter last year. Results in the latest quarter included one-time costs related to closing some stores and no longer pursuing some future stores, as well as a tax benefit. Excluding those items, profit was 24 cents per share, matching analyst expectations according to a poll by Thomson Reuters.
