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Lowe's 2Q net income falls, revenue declines

Lowe's 2Q net income falls, revenue declines

Credit: AP

FILE - In this May 22, 2006 file photo, customers leave a Lowe's Home Improvement Warehouse store in San Bruno, Calif. California State Sen. Ted Lieu , D-Torrance, is considering calling for a boycott of Lowe's stores after the home improvement chain pulled its advertising from a reality show about Muslim-Americans. Calling the retail giant's decision "naked religious bigotry," Lieu said Sunday, Dec. 11, 2011, he would also consider legislative action if Lowe's doesn't apologize to Muslims and reinstate its ads. (AP Photo/Paul Sakuma, File)

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Associated Press

Posted on August 20, 2012 at 4:00 AM

Updated Monday, Aug 20 at 7:37 AM

MOORESVILLE, N.C. (AP) — Lowe's fiscal second-quarter net income dropped 10 percent, hurt by a timing shift and a charge tied to job cuts.

The world's second-biggest home improvement retailer earned $747 million, or 64 cents per share, for the period ended Aug. 3. That's down from $830 million, or 64 cents per share, a year ago.

Fiscal 2012 has one less week than last year. Removing a charge tied to previously announced job cuts, earnings were 65 cents per share.

Revenue fell 2 percent to $14.25 billion from $14.54 billion.

Analysts expected earnings of 70 cents per share on revenue of $14.44 billion.

Revenue at stores open at least a year dipped 0.4 percent.

Lowe's Cos. is based in Mooresville, N.C.

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