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November 17, 2009

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Hardware store hits hard times

HOME-IMPROVEMENT retailer Lowe's Cos said yesterday that its third-quarter profit fell 30 percent as customers continued to delay large purchases amid a weak economy.

Profit in the quarter ended October 30 was US$344 million, or 23 cents per share, down from US$488 million, or 33 cents per share, in the same quarter last year.

The latest results included one-time costs related to closing some stores and no longer pursuing some future stores. Excluding those items, profit was 24 cents per share.

Revenue edged down 3 percent to US$11.38 billion from US$11.73 billion.

"The broad-based pressures of the macro environment are clearly evident in our sales as consumers continue to delay large purchases until they feel better about the economic outlook," said CEO Robert Niblock.


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