Lowe's Profit Rises 17%, but It Lowers Its Forecast

Lowe's LOW reported Monday morning that its third-quarter profit was $404 million or 29 cents a share, an increase from $344 million or 23 cents a share a year earlier. Results included charges of two cents and one cent respectively. Revenue climbed 1.9% to $11.59 billion. Same-store sales were rose slightly. The company had forecast earnings of 28 cents to 32 cents and revenue up 3% to 5%. A year earlier, revenue had declined 3%. Gross margins rose to 35% from 34.2%. Continue reading the article.