Lowe's 2Q Net Up 9%; Co Cuts Full-Year View |
| CNNMoney.com - Aug 20, 2007 |
Lowe's Cos. (LOW), the nation's second-largest home-improvement retailer, said second-quarter net income rose 9% but lowered its full-year earnings outlook as the housing-market downturn hurts sales.
Sharp declines in home sales - exacerbated by credit-market turmoil - have pressured results at Lowe's as well as at rival Home Depot Inc. (HD). The housing-market weakness is expected to persist through the rest of 2007.
Lowe's, which trails only Home Depot in revenue, reported net income of $1.02 billion, or 67 cents a share, for the quarter ended Aug. 3, compared with $935 million, or 60 cents a share, a year earlier.
Analysts polled by Thomson Financial had expected the Mooresville, N.C., retailer to post earnings of 61 cents a share.
Read Full Article from CNNMoney.com
- Posted: 2007-08-20 08:29:21
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