Fourth Quarter Net Income at Lowe’s Drops 33 Percent

Mooresville, N.C.–Weaker sales caused fourth quarter net income at Mooresville, N.C.-based home improvement retailer Lowe’s to fall 33 percent, Bloomberg reported Monday.Net income was $408 million, or 28 cents a share, for the quarter ended Feb. 1. Last year, net income in the quarter was $613 million, or 40 cents a share.Lowe’s said that revenue at stores that have been open 13 months or more could drop 5 to 6 percent from now through January 2009.