Lowe's Profit Falls; Earnings Forecast Is Reduced |
| Bloomberg - Nov 19, 2007 |
Lowe's Cos., the second-largest home-improvement retailer, said quarterly profit declined 10 percent and reduced its annual earnings forecast for the second time in two months because of the U.S. housing slump. The shares had their biggest drop since September.
Third-quarter net income fell to $643 million, or 43 cents a share, from $716 million, or 46 cents, a year ago, Mooresville, North Carolina-based Lowe's said today in a statement. Both profit excluding a gain and sales trailed analysts' estimates.
Sales in stores open at least 13 months dropped for the fifth straight quarter. Bigger rival Home Depot Inc. reported lower profit and cut its full-year earnings forecast on Nov. 13 because of the housing slump.
Read Full Article from Bloomberg
- Posted: 2007-11-19 10:06:50
| More Stock Investor Place Financial News |
 |
|
|
|
| Stock Investor Place Financial News Archive |
|
|
|
