Sales up, profits down at Lowe’s
Lowe’s Cos. Inc. said today that its third-quarter net profit dropped to $225 million, or 18 cents a share, from $404 million, or 29 cents a share, in the same period a year ago, MarketWatch reported. Sales edged up to $11.85 billion from $11.59 billion. The firm said that charges related to store closings and discontinued projects reduced pre-tax earnings for the third quarter by $336 million and earnings per share by 17 cents. For the fourth quarter, Lowe’s expects total sales to grow around 8 percent.
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