On August 17, 2009
Lowe’s Scales Back, Seeks Small Gains After Second Quarter Setback
Lowe’s dumped cold water on Wall Street’s rally, but it seems as if the retailer itself was flooded with a chilly reality in the second quarter, as sales, earnings and comps all fell significantly. Earnings were the only one of the three big metrics that didn’t suffer accelerating declines in the quarter – falling 19 percent both for the period and the first six months to 51 cents per share and 84 cents per share respectively – as opposed to sales, down just under five percent in the quarter and just over three percent for the six months, and comps, down almost 10 percent in the quarter and just over eight percent in the half year. As opposed to the…
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