Lowes Co. said today that its third-quarter profit fell 30 percent. The No. 2 home-improvement retailer attributed the losses to fact that consumers, worried about employment and home values, were spending money on smaller projects like painting and holding back on larger jobs.
However, the company said that they believe the home markets are beginning to stabilize and they expect this year’s fourth quarter to be stronger the last’s.
Profit in the quarter, which ended Oct. 30, was $344 million, or 23 cents per share, down from $488 million, or 33 cents per share, in the same quarter last year.
Lowes project full-year earning of $1.16 to $1.20 per share, while analysts expect $1.20 per share. Shares fell 13 cents to $21.72 during morning trading.
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