Profit and Sales Off at Loweâs as Housing Slump Continues
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Profit at the Loweâs Companies fell 11.5 percent in the fourth quarter, but beat analystsâ expectations.
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Home improvement retailer Lowe&#39;s Cos. (LOW.N: Quote, Profile, Research) on Tuesday said it expects diluted earnings per share to rise in both 2005 and 2006 as it benefits from increased remodeling and home ownership.
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Stocks fell on Tuesday as disappointing results from Home Depot Inc.  overshadowed stronger-than-expected profit at Wal-Mart Stores Inc.  and several major takeover announcements.
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NEW YORK -- Sears Holdings Corp., the biggest US department store company, and Home Depot Inc. said profit will fall as the decline in housing prices hurts demand for goods to build and furnish homes.
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Home Depot Inc.  posted a 28 percent drop in fourth quarter profit on Tuesday as the weak U.S. housing market depressed sales at its retail stores.
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CALABASAS, Calif. - The stock of Countrywide Financial Corp. fell sharply Wednesday after the residential mortgage lender said a slowdown in refinancings led to a 47 percent plunge in profit for the third quarter.
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The retailer lowers its outlook after same-store sales fall.
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The aluminum maker said second-quarter profit slipped nearly 4 percent as outage costs at two smelters weighed down results.
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Building and plumbing firm Wolseley sees profits fall after it is hit by the downturn in the US housing market.
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An earnings warning from Lowe&#39;s Cos Inc   and a slashed September sales forecast from Target Corp   hammered retail stocks on Tuesday as skittish consumers  rein in spending, fueling concerns that the holiday shopping  season could be the weakest in years.
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Home improvement retailer Lowe's Cos.  reported better-than expected earnings on Friday even as the weak housing market hurt results, and its shares rose as much as 6 percent to an all-time high as it said sales could trend upward this year.
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Lowe&#39;s (LOW:NYSE - news - research) third-quarter earnings rose 15.5% from a year ago, but the home supply-chain disappointed investors by keeping its fourth-quarter guidance in place.
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Retailer Home Depot Inc.  said on Wednesday it expected per-share profit to decline 4 percent to 9 percent this year as the weak U.S. housing market pressures sales and it boosts investment in stores.
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HOV.N, a builder of high-end homes, on Wednesday said   profits, orders and margins all declined in its most recent   quarter compared with a year earlier, underscoring the   deteriorating U.S. housing sector.
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Lowe's Cos. LOW.N, the world's No. 2  home improvement retailer, on Monday reported an 18 percent  increase in second-quarter profit and said earnings for the  rest of the year would top current estimates.
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Stocks fell on Monday as data pointing to further trouble in the housing sector fueled concerns about the outlook for the economy and corporate profits.
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An earnings warning from Lowe's Cos Inc  and a slashed September sales forecast from Target Corp  hammered retail stocks on Tuesday as skittish consumers rein in spending, fueling concerns that the holiday shopping season could be the weakest in years.