Loweâs Tempers Its Profit Forecast
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The home improvement chain warned that dry conditions in some parts of the United States were hurting sales of outdoor products.
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Business & money: Leading stores forecast shortfall in year's profits after shoppers cut back on festive spending
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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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Lowe&#39;s Cos., the world&#39;s No. 2 home- improvement chain, said third-quarter earnings rose 15 percent, helped by demand for emergency supplies such as generators and tarps as hurricanes swept through the southeastern US.
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Lowe's reported a 17.9 percent increase in net income during its second quarter, but results missed Wall Street expectations.
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After a record-setting quarter, the retailer expects momentum to slow.
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Robert L. Tillman, Lowe&#39;s (NYSE: LOW) chairman and CEO, said today, &quot;Continued signs of a robust housing market, improving employment and strong demographic trends provide a foundation for our optimism for the future.
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Either there is a reliable crystal ball somewhere in Lowe&#39;s (NYSE: LOW) corporate boardroom, or management of the home improvement retailer feels quite confident about its prognostication skills.
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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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Home improvement retailer Lowe's Cos. reported Monday that a robust housing market drove second-quarter earnings higher year-over-year, but results failed to meet Wall Street expectations.
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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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The New York Times Company said yesterday that its profit for the year would fall short of what it had initially forecast, a casualty of higher costs and of advertising revenue that has
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Cott Corp., the world&#39;s biggest maker of store-branded soft drinks, said 2004 profit may fall below forecasts because of higher energy and aluminum costs to make cans.
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Lowe's Cos. (LOW.N), the second-largest home improvement retailer behind Home Depot Inc. (HD.N), on Monday said quarterly profit rose, but trailed estimates.
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Retailer Home Depot Inc.  said on Wednesday it expects per-share profit to fall this year as the U.S. housing slump hurts sales and it increases spending on its stores.
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The clothing retailer's profits take a hit on weather woes and bigger-than-expected markdowns
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Cott Corp., the biggest maker of store-branded soft drinks, said 2004 profit may fall below forecasts because of higher plastic and aluminum costs to make containers.