Lowe’s Cos., the second-largest U.S. home-improvement retailer, said profit in its fiscal 2011 will be less than it previously projected as sales drop at stores open more than a year. Per-share profits in the year through Feb. 3, 2012, will be $1.48 to $1.54, down from a previous forecast of $1.56 to $1.64, the company said today. The average estimate of 21 analysts was $1.61, Bloomberg said. Lowe’s said same-store sales this year will decline 1 percent, compared with a May forecast of unchanged to a drop of 1 percent. Total revenues could rise 2 percent, down from an earlier projection for a 4 percent gain.