Lowe's Posts Lower Profit

Atlanta, Lowe's Cos Inc. said on Monday its third-quarter profit fell 10% and it cut its full-year forecast as the U.S. housing slump hurt sales.

Earnings came to $643 million for the quarter ended Nov. 2, from $716 million a year earlier. Total sales rose 3.2% to $11.6 billion, short of analysts' expectations of $11.78 billion, according to Reuters Estimates. Sales at stores open at least a year fell 4.3%.

Lowe's cited lower home sales and falling home prices, drought conditions in some states and lower-than-expected U.S. Gulf Coast sales.