Drastic decline of profit

The American DIY retailer Lowe’s recorded sales of US $ 11.4 bn during the third quarter of 2009. That is 3.0 per cent down on the equivalent period last year, and a same-store decline of 7.5 per cent. Net profit contracted over this period by 29.5 per cent to US $ 344 mio. The world’s second-largest DIY retailer has recorded a sales decline of 3.1 per cent to US $ 37.1 bn (8.0 per cent in same-store terms) for the nine months to 30 October 2009. The company’s net profit of US $ 1.58 bn was 22.4 per cent below the previous year’s figure.