Lowe's Experiences Large Drop In Earnings

By Greenhouse Grower staff|November 19, 2009

As of October 30, Lowe’s reported earnings of $344 million. This total is a 30 percent drop from the $488 million reported in earnings this time last year. Despite recent declines, analysts say good things are ahead for the home-improvement retailer.

“We are seeing signs of improved performance in some of the hardest-hit housing markets, including California, Florida and areas of the desert Southwest,” says Lowe’s CEO Robert Niblock.

Analyst Michael Lasser of Barclays Capital, says while Lowe’s sales trends have been negative, the retailer “is seeing a recovery” as gains have been made over second-quarter results.

Read on for more on Lowe’s third-quarter fiscal profits and the company’s overall performance.