Lowe's Sales, Profit Fall; It Sees Improvement Ahead

  • November 16, 2009
Lowe's Companies says its third-quarter earnings sank 30% for the quarter to $344 million, while sales for the quarter fell 3% to 11.4 billion, down from $11.7 billion in the same quarter a year ago.

Comparable store sales fell 7.5 %, and while the Moorsville, N.C.-based company says it's evident consumers are still delaying major purchases, "we were pleased with our sequential improvement in comparable store sales from the second quarter and continued evidence of solid market share gains," says CEO Robert A. Niblock, in its release. "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."--Sarah Mahoney

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