Lowe’s to shut 34 Canadian stores as it reports revenue miss

Lowe’s Co.

LOW, -1.41%

said its third-quarter ending Nov. 1 net income jumped to $1.05 billion, or $1.36 a share, from $629 million, or 78 cents a share. Excluding charges, Lowe’s said it would have earned $1.41 a share as revenue fell to $17.39 billion from $17.42 billion. Same-store sales in the U.S. rose 3%. Analysts polled by FactSet expected earnings of $1.35 on sales of $17.69 billion. Lowe’s said it will close 34 underperforming Canadian stores and rationalize the product assortment in Canada. For the year, the home-improvement retailer expects adjusted EPS between $5.63 and $5.70 on sales growth of 2% and comparable sales growth of 3%.

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