The second-largest home improvement retailer behind Home Depot
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)