No. 2 home-improvement retailer Lowe's Cos. said Monday poor weather and cautious consumer spending caused sales to fall below expectations and earnings to fall 19 percent in the second quarter.
The company also plans to scale back new store openings in its next fiscal year in response to the poor economy and consumer pullback.
The weak earnings combined with a narrowed full-year profit outlook to knock shares down $2.61, or 11.4 percent, to $20.22 in premarket trading.
"Wavering consumer confidence, unseasonable weather in core markets, and restrained customer spending compared to last year's fiscal stimulus-aided results led to lower than expected sales in the second quarter," Robert A. Niblock, Lowe's chairman and CEO, said in a statement.
GO HERE to read more.
No comments:
Post a Comment