Lowe's 3Q profit falls on slow spending

[November 17, 2008]  MOORESVILLE, N.C. (AP) -- Lowe's says its third-quarter profit fell 24 percent as consumers delayed home-improvement projects and big-ticket purchases, but the results still beat Wall Street's expectations.

Lowe's said Monday that profit fell to $488 million, or 33 cents per share, from $643 million, or 43 cents per share, a year ago.

Thomson Reuters says analysts expected 28 cents per share.

Revenue climbed to $11.73 billion from $11.57 billion. Same-store sales sank 5.9 percent.

Lowe's expects profit between 8 cents and 16 cents per share in the fourth quarter and between $1.46 and $1.54 per share for the 2009 fiscal year. Analysts expect the company will earn 18 cents per share for the quarter and $1.51 per share for the year.

[Associated Press]

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.