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Tough 2Q for Lowe’s

Cuts annual forecast again

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Lowe's Cos.'s (Mooresville, N.C.) reported fiscal second-quarter earnings were down 0.2 percent. Same-store guest traffic grew 0.6 percent in the second quarter, but the average cost of orders declined 0.9 percent leading to a same-store sales decline of 0.3 percent.

The home-improvement retailer again lowered its forecast for its fiscal year, calling for a sales increase of about 2 percent. In May, the retailer revised its earnings forecast to a sales growth estimate to about 4 percent.

“The volume of negative news and the unsettling impact from equity markets is having a significant effect on an already fragile consumer mindset. More specifically, with regard to home-improvement spending, consumers continue to focus on small-ticket, less than $500 repair and maintenance items and projects,” says ceo Robert Niblock, reports The Wall Street Journal.
 

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