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.