BUSINESS BRIEFING / EARNINGS : Lowe’s sales and net income drop

Lowe’s Cos. posted fiscal third-quarter profit that met analysts’ estimates.

Net income fell to $344 million, or 23 cents a share, from $488 million, or 33 cents, a year earlier, the home-improvement retailer said. Excluding a write-down in the value of some stores and a tax benefit, earnings totaled 24 cents a share, in line with analysts’ estimates compiled by Bloomberg.

Revenue declined 3% to $11.4 billion in the three months that ended Oct. 30.