Lowe's dampens hopes for U.S. recovery in 2010

The outlook from Lowe's was particularly surprising after it posted stronger-than-expected quarterly results. It also weighed on shares of larger rival Home Depot (HD.N), which fell 2 percent ahead of its report scheduled for Tuesday.

"If you look at some of the economic estimates that are out there, a lot of them have started to push out when the timeline is for recovery. So, for example, the thought was originally that home prices would bottom in the second half of 2010," Chief Executive Robert Niblock said on a call with analysts.

He views 2010 as a "a year of transition" for the home improvement industry, adding "it will likely be 2011 before we see significant growth."

Read Full Article from Reuters

- Posted: 2010-05-17 11:15:21

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