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International DIY News

Lowe's reports 8.4% rise in profit for Q2

Lowe's store

Home improvement retailer Lowe's (LOW) reported an 8.4% increase in profit for the second quarter, but the results fell short of Wall Street expectations.

Lowe's (LOW) posted net earnings of $1.13 billion, or $1.20 a share, up from $1.04 billion, or $1.04 a share, from the same period a year ago.

Analysts expected earnings of $1.24 per share, according to Thomson Reuters I/B/E/S.

The company's net sales rose 4.5% for the period to $17.3 billion, in line with expectations. Sales at stores open at least a year rose 4.3%.

That performance trailed the industry average of 4.6% for the quarter. Lowe's said its full-year forecast is for a same-store sales increase of 4% to 4.5%.

“We posted solid results for the quarter and were able to capitalize on big-ticket market share opportunities with strong growth in categories like appliances and outdoor power equipment,” Lowe's CEO Robert Niblock said in a statement. “I would like to thank our employees for their hard work and commitment to serving customers during this important selling season.”

Investors sent Lowe's shares down by about 1% in pre-market trading.

Rival Home Depot (HD) Tuesday posted earnings that beat expectations and raised its profit outlook for the year.

Source : Nathan Bomey - USA Today

20 August 2015

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