North Carolina

Home Improvement Projects Stall as Consumers Await Bottom 

The country’s two largest home improvement stores had lower profits in the Q209 than they did in Q208, and said they are reevaluating strategies to face shaky consumer confidence. Mooresville, NC-based Lowe’s [stock LOW][/stock] earned $759m ($0.51 per share) in the quarter, down 19.1% from Q208. CEO Robert Niblock said the decline from 2008 was due in part to increased spending spurred by the financial stimulus package last year, along with unseasonable weather this year in core markets.