Lowe's results miss estimates
Lowe's Cos
The second-largest home improvement chain after Home Depot
Sales at Lowe's and Home Depot had benefited immensely in the first quarter, which ended in April. Many who put off renovations during the recession upgraded appliances to take advantage of a federal stimulus for energy-efficient goods, while others tried to take advantage of the first-time homebuyer tax credit.
Net income at Lowe's rose to $832 million, or 58 cents a share, in the second quarter ended July 30 from $759 million, or 51 cents a share, a year earlier.
Analysts on average were expecting 59 cents a share, according to Thomson Reuters I/B/E/S.
Sales rose 3.8 percent to $14.36 billion, but missed the average estimate of $14.52 billion.
Lowe's said it expected a sales increase of 3 percent to 5 percent in the third quarter.
Shares of Lowe's were up 1.1 percent at $19.81 in trading before the market opened.
(Reporting by Dhanya Skariachan; Editing by Lisa Von Ahn)
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