Lowe's 3Q profit sinks 44 percent on charges

By the Associated Press | November 14, 2011 | 6:40 AM EST

MOORESVILLE, N.C. (AP) — Lowe's Cos. says its third-quarter earnings sank 44 percent, weighed down by charges tied to store closings and discontinued projects.

The nation's second-largest home improvement retailer says net income for the three months ended Oct. 28 totaled $225 million, or 18 cents per share. That compares with earnings of $404 million, or 29 cents per share, last year.

Revenue climbed 2 percent to $11.9 billion.

The company says it recorded charges that reduced pre-tax earnings by 17 cents per share.

forecast 33 cents per share on revenue of $11.7 billion.

Lowe's operates more than 1,700 stores in the United States, Canada and Mexico.