Lowe’s Profit Misses Estimates as Homeowners Cut Spending

Lowe’s Cos., the second-largest U.S. home improvement retailer, reported first-quarter profit that trailed analysts’ estimates and lowered its 2011 profit forecast after customers cut back on renovations.

Earnings were unchanged at 34 cents a share, Mooresville, North Carolina-based Lowe’s said today in a statement, missing the average of 36 cents projected by analysts in a Bloomberg survey. Lowe’s trimmed its profit forecast for the year ending Feb. 3 2012 to a maximum of $1.64.

Economic pressures and bad weather trimmed sales and reduced the number of visits to Lowe’s older stores by 3.4 percent, Chief Executive Officer Robert Niblock said today on a conference call. Tumbling home prices and higher fuel bills deterred homeowners from undertaking major projects on their houses.

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- Posted: 2011-05-16 10:50:54

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