Lowe's Low Forecast

Lowe's Companies, Inc. (Wilkesboro, N.C.) warned – with today's third quarter update – that comparable store sales results will be below the company's prior guidance of 4-6 percent. Lowe's fiscal third quarter ends on Oct. 27, 2000, with operating results to be publicly released on Monday, November 13.

“Comparable store sales performance is being negatively impacted by the remerchandising process at the stores formerly operating under the Eagle Hardware and Garden name,” commented Robert L. Tillman, Lowe's chairman and ceo, “as well as significant deflation within the lumber and building materials categories.

“Our remerchandising plans for the former Eagle stores are complete and these stores are now operating as Lowe's Home Improvement Warehouses,” Tillman continued. “We are encouraged by the progressthat we have seen since the Labor Day transition and anticipate continuing improvement throughout the remainder of the year.”

Lowe's is the world's second largest home improvement retailer (trailing only The Home Depot), the 15th largest retailer in the U.S. and the 34th largest retailer worldwide.