Lowe's Net Falls 29.5 Percent in Third Quarter
MOORESVILLE, N.C.--Third-quarter net income for Lowe's finished at $344 million, 29.5 percent down from the third quarter of last year.
The home-improvement retailer's net sales for the quarter totaled $11.4 billion, a 3 percent decline from a year ago, which included a same-store sales decrease of 7.5 percent. In addition, total expenses rose 4.8 percent, including a 5.4 percent increase in selling, general and administrative expenses.
"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 Robert A. Niblock, Lowe's chairman and chief executive officer. Yet Niblock was able to cite some more positive signs in the third-quarter performance. "We are beginning to see signs of improved performance in some of the hardest-hit housing markets, including California, Florida and areas of the desert Southwest," he said.