Market Updates
Lowe's Profit up 9% on Revenue
Elena
20 Aug, 2007
New York City
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The retailer earned $1.02 billion, or 67 cents a share, higher than $935 million, or 60 cents a share a year earlier. Quarterly revenue rose to $14.17 billion from $13.39 billion last-year same period. Lowe
[R]08:00AM Lowe’s Cos posted 9% profit increase in Q2 on higher revenue.[/R]
Lowe''s Cos. ((LOW)), the U.S. second largest home improvement chain, announced 9% profit increase in Q2 on higher overall revenue. The retailer earned $1.02 billion, or 67 cents a share, higher than $935 million, or 60 cents a share a year earlier. Quarterly revenue rose to $14.17 billion from $13.39 billion last-year same period. Lowe’s Q2 financial results beat estimates for net income of 61 cents a share on revenue of $14.13 billion. However, the company’s same-store sales declined 2.6%, as the home improvement market has been slowing amid a slump in the housing sector.
Looking ahead, Lowe’s projected Q3 per-share earnings of 43 cents to 45 cents, with sales up 7% to 8% from a year earlier. For the fiscal year, the company expects per-share earnings of $1.97 to $2.01, down from its prior view of $1.99 to $2.03 a share, and expects sales to rise 6% from the prior fiscal year. The stock jumped 6.5% in pre-market trading.
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