MOORESVILLE, N.C. -- Lowe's Cos. says its third-quarter earnings sank 44 percent, weighed down by charges tied to store closings and discontinued projects.
The nation's second-largest home improvement retailer says net income for the three months ended Oct. 28 totaled $225 million, or 18 cents per share. That compares with earnings of $404 million, or
29 cents per share, last year.
Revenue climbed 2 percent to $11.9 billion.
The company says it recorded charges that reduced pre-tax earnings by 17 cents per share.
Analysts forecast earnings of 33 cents per share on revenue of
Lowe's operates more than 1,700 stores in the United States, Canada and Mexico.