Sales were up in the third quarter, but Lowe’s Companies’ financial performance impressed neither its investors nor its CEO.
The home improvement retailer’s net income dropped dramatically, owing to $462 million non-cash pre-tax charges. Net income declined to $379 million, compared to $736 million in the same quarter last year.
Sales increased 9.6% to $15.7 billion, and comparable-store sales increased 2.6% in the U.S. But analysts had expected slightly higher numbers, and shares of LOW declined in early trading Wednesday.. . . more