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Lowe's 3Q Profit Falls, But Co. Sees Signs for Hope
MOORESVILLE, N.C. (AP) -- Profit fell 30 percent at Lowe's Cos. in the third quarter as customers continued to delay large purchases amid a weak economy. But the home-improvement retailer says some of the hardest hit home markets are stabilizing.

Profit in the quarter ended Oct. 30 was $344 million, or 23 cents per share, down from $488 million, or 33 cents per share, in the same quarter last year. Results in the latest quarter included one-time costs related to closing some stores and no longer pursuing some future stores, as well as a tax benefit. Excluding those items, profit was 24 cents per share, matching analyst expectations.

Revenue edged down 3 percent to $11.38 billion, narrowly beating an average analyst estimate of $11.28 billion.

Sales in stores open at least one year fell 7.5 percent in the quarter. The metric is considered a key measurement of retailer health.

(Copyright 2009 by The Associated Press. All Rights Reserved.)
11 17 09 by Newsroom
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