Lowe’s reports Q3 earnings, Mexico exit

MOORESVILLE, N.C. — Lowe’s Cos. reported Q3 profits of $629 million, down from $872 million last year. At the same time, the company announced its intention to exit it’s retail operations in Mexico, along with certain non-core activities in the U.S. including Iris Smart Home. Sales for the quarter increased 3.8% to $17.4 billion from a year ago and comparable sales by 1.5%. Expenses included $121 million of long-lived asset impairment and severance obligations related to the store closures in Canada and the U.S.