Read between the lines people. Their profit dropped 60%. They still made money, just not as much.
The dismal housing market dragged down fiscal fourth-quarter profit at Lowe’s Cos. by 60%, and executives at the home-improvement chain said Friday that they saw little hope of a substantive fix from a federal effort aimed at helping struggling homeowners.
…
Lowe’s earned $162 million, or 11 cents a share, in the three months ended Jan. 30. That’s down from $408 million, or 28 cents, during the same period last year. Revenue slid 4% to $9.98 billion.
Lowes revenue slid 4% to $9.98 billion. That’s billion with a ‘b’. A 4 percent drop in PROFIT. I know things are bad, but I don’t think they are as bad as the media (and the government) want us to think they are.
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