Lowe’s profit rises 17% in Q3, misses Street

Mooresville, N.C. -- Lowe’s Cos. reported Monday that profit for the quarter ended Oct. 29 rose 17% to $404 million, compared with net income of $344 million in the year-ago period.

The second-largest U.S. home-improvement retailer cited shrinking labor expense for the improvement.

Revenue rose 1.9% to $11.59 billion in the third quarter. Wall Street expected sales of $11.75 billion. Same-store sales edged up 0.2%.

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