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Lowe's posts lower quarterly profit

Mon May 21, 2007 7:00am EDT

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ATLANTA, May 21 (Reuters) - Lowe's Cos. (LOW.N), the second largest home improvement retailer behind Home Depot Inc. (HD.N), posted lower quarterly profit on Monday as the slower U.S. housing market hurt demand for higher-ticket projects. Earnings came to $739 million, or 48 cents a share, for the first quarter ended May 4, compared with $841 million, or 53 cents share, a year earlier. Sales at stores open at least a year, an important retail measure, fell 6.3 percent.

((Reporting by Karen Jacobs; Editing by Derek Caney; Reuters Messaging: karen.jacobs.reuters.com@reuters.net +1 404 493 3656)) Keywords: LOWES RESULTS/

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