Lowe's reported a 19 percent drop in quarterly net profit as bad weather in core markets and U.S. economic woes kept shoppers away, and the home improvement retailer's shares fell nearly 8 percent.

The second-largest home improvement retailer behind Home Depot said it had earned $759 million, or 51 cents a share, in the second quarter ended July 31, down from $938 million, or 63 cents a share, a year earlier.

Excluding a pretax charge of $48 million related mainly to projects Lowe's no longer plans to pursue, profit was 54 cents a share, in line with the analysts' average forecast, according to Reuters Estimates.

Sales at the company, whose products range from gardening supplies and plumbing equipment to appliances and furniture, fell 4.6 percent to $13.8 billion. Sales at stores open at least a year, an important retail measure, fell 9.5 percent.

Lowe's shares were down 7.6 percent at $21.10 in trading before the market opened.

(Reporting by Dhanya Skariachan in Bangalore; Editing by Lisa Von Ahn)