Summary Box: Lowe's 3Q net income

AP News
Posted: Nov 14, 2011 11:57 AM
Summary Box: Lowe's 3Q net income

THE NEWS: No. 2 home-improvement chain Lowes Cos.' third-quarter net income fell 44 percent as consumers continue to hold back on large-scale home renovations.

THE BIG PICTURE: Home-improvement retailers are facing tough times in the slow economy and moribund real estate market. Lowe's has started closing stores and cutting costs to offset weak demand. Still, adjusted results beat expectations.

WHAT'S NEXT: Lowe's expects earnings per share of 20 cents to 23 cents in the fourth quarter, with revenue at stores open at least a year flat or up 1 percent. Analysts expect 23 cents per share.