MOORESVILLE, N.C. Home improvement retailer Lowe’s reported lower-than-expected quarterly sales and profit and cut its full-year earnings forecast, sending its shares down in premarket trading on Wednesday.Analysts had expected a stronger performance for the North Carolina-based company due to the strength in the housing market and higher spending on home renovations.Larger rival Home Depot boosted its full-year earnings forecast on Tuesday.Lowe’s, whose shares were down 6.7 percent in premarket trading, earned $1.37 per share, excluding items, below the average analysts’ estimate of $1.42, according to Thomson Reuters I/B/E/S.Net sales rose 5.3 percent to $18.26 billion, below the $18.45 billion analysts had expected. Home Depot’s sales rose 6.6 percent.Lowe’s said the cut in its earnings forecast reflected its acquisition of Canada’s Rona Inc.Sales at Lowe’s stores open more than 13 months rose 2 percent, compared with the 4.1 percent growth expected by analysts polled by research firm Consensus Metrix. Home Depot’s same-store sales rose 4.7 percent.Net income rose to $1.17 billion, or $1.31 per share, in the second quarter ended July 29 from $1.13 billion, or $1.20 per share, a year earlier.
RALEIGH The N.C. General Assembly is weighing The Disaster Recovery Act of 2016 on Tuesday in a special legislative session called by Governor Pat McCrory. The measure was in the House appropriation committee on […]
CHICAGO The state of Florida has identified 10 more cases of Zika virus caused by local mosquitoes and has asked the U.S. Centers for Disease Control and Prevention to send in experts to help […]
SAN ANTONIO – A truck driver was charged on Monday in Texas with illegally transporting dozens of illegal immigrants in his tractor-trailer in sweltering heat that led to the deaths of 10 people. James Matthew […]