On the heels of an announcement in October that it planned to close 20 stores across the country, Lowe's posted third-quarter net earnings of $225 million, or 18 cents per diluted share, down 44 percent from the $404 million, or 29 cents per diluted share, it earned during the same period in 2010.
"We are making the changes necessary to right-size the organization, improve speed to market and enhance the shopping experience," said Robert Niblock, Lowe's chairman, president and CEO.
Niblock said earnings were hurt by the store closings. Excluding those one-time charges, the company earned 35 cents per share. Sales in the latest quarter totaled $11.9 billion, up 2.3 percent from a year ago; same-store sales were up 0.7 percent.
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