Lowe's Q2 profits up, outlook for sales bleak
Source: Agencies |
August 17, 2010, Tuesday
|
Print Edition
Print Edition
HOME-IMPROVEMENT retailer Lowe's Cos said yesterday its profit rose 10 percent in the second quarter. But it said it doesn't expect sustained sales improvement until the United States economy recovers and cut its revenue outlook.
Chairman and CEO Robert Niblock says there won't be consistent improvement in demand until the labor and housing markets improve.
A stubbornly weak housing market and the expiration of home-buyer tax credits has made the home-improvement business tough.
The Mooresville, North Carolina, company said net income rose to US$832 million, or 58 cents per share, in the quarter ending on July 30. That's up from US$759 million, or 51 cents per share.
Revenue grew 4 percent to US$14.36 billion, which fell short of the company's expectations.
Analysts were expecting a profit of 59 cents per share and US$14.52 billion in revenue.
The company runs 1,724 stores in the US, Canada and Mexico.
Chairman and CEO Robert Niblock says there won't be consistent improvement in demand until the labor and housing markets improve.
A stubbornly weak housing market and the expiration of home-buyer tax credits has made the home-improvement business tough.
The Mooresville, North Carolina, company said net income rose to US$832 million, or 58 cents per share, in the quarter ending on July 30. That's up from US$759 million, or 51 cents per share.
Revenue grew 4 percent to US$14.36 billion, which fell short of the company's expectations.
Analysts were expecting a profit of 59 cents per share and US$14.52 billion in revenue.
The company runs 1,724 stores in the US, Canada and Mexico.
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