Lowe's Posts 12% Drop in Net, |
| Wall Street Journal - May 21, 2007 |
Lowe's Inc.'s fiscal first-quarter net dropped 12%, as the country's second-largest home-improvement retailer missed both internal and Street expectations and cut its fiscal-year earnings guidance.
Chairman and Chief Executive Robert A. Niblock said the quarter was hurt by a difficult housing market, "tough comparisons to hurricane rebuilding efforts and significant lumber and plywood price deflation." He also said bad weather in April more than offset solid sales gains in March.
Mr. Niblock said Lowe's sales performance should "improve as the year progresses." Last quarter, the company provided investors hope that housing struggles were coming to an end, saying sales trends bottomed out and talked of gradual improvement throughout the year.
Read Full Article from Wall Street Journal
- Posted: 2007-05-21 08:13:54
| More Stock Investor Place Financial News |
 |
|
|
|
| Stock Investor Place Financial News Archive |
|
|
|
