Mooresville, N.C. -- Lowe’s Cos. reported Monday that profit for the quarter ended July 29 was $830 million, down from $832 million in the year-ago period. The home improvement retailer closed seven underperforming stores on Sunday and trimmed its earnings forecast for the year.
“Despite some recovery in our seasonal business, our performance for the quarter fell short of our expectations," said Robert A. Niblock, CEO.
Net sales edged up 1.3% to $14.5 billion; same-store sales dipped 0.3%.
During the quarter, Lowe’s opened two stores, and said it expects to open about 25 stores in 2011, representing average sq. ft. growth of 1.3%.