Lowe’s controls labor costs, improves earnings
Lowe’s Cos. Inc., the second-largest U.S. home-improvement retailer, said third-quarter profit increased 17 percent as it controlled labor expenses in the housing slump to counter slower-than-forecast sales growth, Bloomberg reported. Net income rose to $404 million, or 29 cents per share, in the quarter ended Oct. 29, from $344 million, or 23 cents per share, a year earlier, the company said today in a statement. Lowe’s has curbed staff costs by hiring more part-time, seasonal workers and using employees instead of outside contractors to clean and do plumbing and electrical repairs in stores, Bloomberg said.
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