Lowe's profits plummet by nearly 50 percent - | WBTV Charlotte

Lowe's profits plummet by nearly 50 percent

CHARLOTTE, NC (WBTV) - Mooresville-based Lowe's, Inc. says its third-quarter profits plummeted by almost 50 percent.

But sales actually increased at the home improvement store.

Lowe's sold $11.9 billion worth of goods for the quarter, up from $11.6 billion during the same period last year.

Sales for the hardware store have been weaker, though, than Home Depot's for nine consecutive quarters, and several moves intended to turn that around are actually hurting the company in the short term.

Robert Niblock, Lowe's Chief Executive Officer, has been concentrating on "right sizing" the business, but "right sizing" played a big part in the company's poor performance report today.

Lowe's recently closed 27 stores it called "underperforming," and the company lost out on $336 million in earnings by doing so.

Plans to open new stores are also being axed by more than 50 percent over the next few years.

Copyright 2011 WBTV. All rights reserved.

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