ATLANTA (Reuters) - Lowe's Cos reported a lower second-quarter profit on Monday as consumers took on fewer big-ticket remodels amid the U.S. housing slump.
Earnings came to $938 million, or 64 cents a share, for the quarter, compared with $1.02 billion, or 67 cents a share, a year earlier.
The home improvement retailer said it now expects a full-year profit of $1.48 to $1.56 a share, compared with the $1.45 to $1.55 a share it forecast in May.
(Reporting by Karen Jacobs; Editing by Steve Orlofsky)
Monday, August 18, 2008
Lowe's posts lower quarterly profit
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