U.S. housing slump hurts Lowe
CHARLOTTE, N.C. – Home improvement retailer Lowe's Cos. says a softer U.S. housing market helped send its fourth-quarter earnings down 33.4 per cent.
Mooresville, N.C.-based Lowe's says its profit fell to US$408 million, or 28 cents a share, from $613 million, or 40 cents per share in the prior-year period. Wall Street expected Lowe's to earn 25 cents in the quarter.
Sales remained virtually steady at just under $10.4 billion http://abc-cashadvance.com. Wall Street expected revenue of $10.85 billion.
Lowe's CEO Robert Niblock said the company will remain focused on what it can control.
Lowe's and bigger rival Home Depot Inc. have seen profits slide over the past year as a slump in the U.S. housing industry continues.
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