Lowe's Home Improvement

Lowe's recorded profits in the fourth quarter despite a red-hot housing market.

Shares fell 8 percent before the opening bell as healthy same-store sales were overshadowed by the profit miss and lower overall revenue.

Lowe’s Home Improvement says its profits jumped 76 percent in the third quarter from the same period a year ago. The company headquartered in Mooresville says it made $396 million. Part of the increase comes from sales related to Hurricane Sandy.

Lowe's Earnings Fall Short Of Expectations

Aug 20, 2012

Lowe’s home improvement earned 10 percent less from May to August than it did last year. The Mooresville-based company now says it won’t make as much money this year as it had previously estimated.

Lowe’s earnings fell short of its own expectations and Wall Street analysts’.

The nation’s second-largest home improvement chain has been restructuring. A big part of that is making it easier for customers to shop online, on mobile devices and in the stores. CEO Robert Niblock said on a conference call with investors the company is making progress on those initiatives.