Lowe's 2Q profit drops 7.9 pct, beats view

August 18, 2008 6:36:54 AM PDT
Lowe's Cos. Inc. says its second-quarter profit fell 7.9 percent, but still topped Wall Street expectations. The nation's second-largest home improvement retailer is offering a downbeat sales and profit outlook, however, as it feels the pain from a weak housing market. The Mooresville, N.C. retailer said Monday that earnings fell to $938 million, or 64 cents per share, in the three months ended Aug. 1. That compares with a profit of $1.02 billion, or 67 cents per share, in the year-ago period.

It says sales increased 2.4 percent to $14.5 billion.

Thomson Reuters says analysts expected a profit of 56 cents per share on revenue of $14.1 billion.