Lowe’s optimistic despite downturn

The president of Lowe’s Cos., the nation’s second-largest home improvement retailer, said he remained optimistic that conditions would improve despite a weak housing market and tight credit standards that have created a tough sales environment.

Larry Stone told analysts the economic downturn was affecting the entire housing sector. But he said the company couldn’t wait for the “housing gods to help us,” so steps were being taken to improve profit.

Company executives plan to delay the opening of about 20 stores this year in several hard-hit markets, including California. Mooresville, N.C.-based Lowe’s, which saw fourth-quarter profit drop 33%, also will take a more conservative staffing approach as it hires seasonal workers for spring.