Lowe's 2Q net income flat on muted demand

By the Associated Press | August 15, 2011 | 6:44 AM EDT

MOORESVILLE, N.C. (AP) — Lowe's Cos. says its second-quarter net income was nearly flat as volatile weather and shoppers' worries about the economy muted demand during the key summer selling season.

The nation's second-largest home improvement retailer says net income for the three months ended July 29 totaled $830 million, or 64 cents per share. That compares with $832 million, or 58 cents per share, last year.

Excluding a one-time charge, earnings totaled 68 cents per share. Analysts expected 66 cents per share, according to FactSet.

Revenue rose 1 percent to $14.54 billion. Analysts expected $14.77 billion.

Lowe's said its store in Sanford, N.C., which was destroyed by a tornado on April 16, will reopen Sept. 8.