Lowe's 2nd-Quarter Net Off 0.2% On Store Closings |
| Wall Street Journal - Aug 15, 2011 |
Lowe's Cos.'s (LOW) fiscal second-quarter earnings edged down 0.2% as the results took a hit from store closings and sales that underperformed its prior forecast.
The home-improvement retailer again lowered its forecast for its fiscal year, calling for per-share earnings of $1.48 to $1.54--including a roughly six-cent-per-share impact related to store closings--on a sales increase of about 2%. Lowe's in May trimmed its earnings forecast to roughly $1.56 to $1.64 a share and reduced its sales growth estimate to about 4%.
Shares of Lowe's recently fell 1.5% to $19.21 Monday morning. Through Friday's close, the stock is down 22% so far this year.
"The volume of negative news and the unsettling impact from equity markets is having a significant effect on an already fragile consumer mindset. More specifically, with regard to home-improvement spending, consumers continue to focus on small-ticket, less than $500 repair and maintenance items and projects," said Chief Executive Robert Niblock on a conference call.
Read Full Article from Wall Street Journal
- Posted: 2011-08-15 11:57:53
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