Hardware store hits hard times
Source: Agencies |
November 17, 2009, Tuesday
|
Print Edition
Print Edition
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.
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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
