Lowe’s Tempers Its Profit Forecast |
| New York Times - Sep 25, 2007 |
Lowe’s Companies, the home improvement chain, warned on Monday that its full-year profit could trail its previous forecast, saying dry conditions in some parts of the United States were hurting sales of outdoor products.
The company’s shares fell as much as 5 percent in extended trading.
Lowe’s, which is holding its analyst meeting on Tuesday, said current sales were trending below expectations because of drought in the mid-Atlantic, Southeastern and Western parts of the United States.
As a result, Lowe’s, which is the second-largest home improvement chain after Home Depot, said it now expected profit for the year ending in February to be at the low end or below a forecast of $1.97 to $2.01 a share it gave in August.
Read Full Article from New York Times
- Posted: 2007-09-25 10:49:50
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