Lowe's posts lower profit

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ATLANTA (Reuters) - Lowe's Companies , the second-largest home improvement retailer, reported lower quarterly profit on Monday as a deepening economic crisis led homeowners to put off big-ticket purchases.

The retailer forecast fourth-quarter profit below current Wall Street estimates and cut its full-year outlook, saying rising unemployment, falling home prices and tight credit would continue to pressure its business.

Lowe's earned $488 million, or 33 cents a share, in its fiscal third quarter, ended October 31, compared with $643 million, or 43 cents a share, a year earlier.

Analysts expected 28 cents a share, according to Reuters Estimates.

Sales rose 1.4 percent to $11.7 billion. Sales at stores open at least a year, an important retail measure, fell 5.9 percent.

Lowe's and industry leader Home Depot have been reeling as tight credit and the U.S. housing slump have curbed demand for renovations and big-ticket items such as appliances.

Lowe's said it now expects profit of $1.46 to $1.54 a share for the full year, down from a forecast of $1.48 to $1.56 a share it stood by in September. The retailer said it expects earnings of 8 cents to 16 cents a share in the fourth quarter.

Analysts expected profit of 18 cents and $1.51 for the fourth period and full year, according to Reuters Estimates.

(Reporting by Karen Jacobs; Editing by Steve Orlofsky)

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