Lowe's Cos. Inc. is offering a downbeat sales and profit outlook as the nation's second-largest home improvement retailer says its second-quarter profit fell 7.9 percent.
The Mooresville, N.C.-based retailer said Monday that it expects earnings per share to be in the range of 27 cents to 31 cents in the fiscal third quarter which ends Oct. 31. Thomson Reuters says analysts were expecting 33 cents a share.
The company expects total sales to increase a modest 1 to 2 percent for the quarter while sales at stores open at least a year fall 5 to 7 percent.
For the fiscal year, the company expects earnings per share to be in the range of $1.48 to $1.56 per share. Thomson Reuters says analysts were looking for $1.50 a share for the year.
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