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Lowe's 2Q profit drops 7.9 pct, beats view
posted 8:03 am Mon August 18, 2008 - NEW YORK
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Lowe's Cos. Inc. says its second-quarter profit fell 7.9 percent, but still topped Wall Street expectations. The nation's second-largest home improvement retailer is offering a downbeat sales and profit outlook, however, as it feels the pain from a weak housing market.The Mooresville, N.C. retailer said Monday that earnings fell to $938 million, or 64 cents per share, in the three months ended Aug. 1. That compares with a profit of $1.02 billion, or 67 cents per share, in the year-ago period.
It says sales increased 2.4 percent to $14.5 billion.
Thomson Reuters says analysts expected a profit of 56 cents per share on revenue of $14.1 billion.
Thomson Reuters says analysts expected a profit of 56 cents per share on revenue of $14.1 billion.
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