Lowe’s slumps on sales miss, tepid outlook

Lowe’s Cos. shares saw their biggest decline since August 2009 on Monday as the No. 2 U.S. home-improvement retailer said sales trends slowed toward the end of the first quarter and management cut its outlook for the year.

First-quarter same-store sales also missed Wall Street’s expectations, even though its /quotes/zigman/232508/quotes/nls/low LOW -9.59% profit rose more than expected on expense control.


While the broader markets traded higher, Lowe’s shares fell 9.4% to $25.80, making them the biggest decliner in the S&P 500 index and marking their sharpest pullback since a 10.3% drop on Aug. 17, 2009.

Larger rival Home Depot Inc. /quotes/zigman/229488/quotes/nls/hd HD +1.04% , which reported a 28% first-quarter profit increase last week, rose less than 1%. Home Depot’s performance has continued to outpace that of Lowe’s, analysts said.

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- Posted: 2012-05-21 11:08:11

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