Lowe's (NYSE: LOW) missed sales expectations and the shares are under pressure before the open.
The home improvement operation reported net earnings of $643 million for the quarter ended November 2, a 10.2% decline over the same period in 2006. Diluted earnings per share declined 6.5% to 43 cents from 46 cents in the third quarter of 2006. Sales for the quarter increased 3.2% to $11.6 billion, up from $11.2 billion in the third quarter of 2006.
"Our sales for the quarter fell short of our expectations, but disciplined expense management and ongoing safety initiatives combined with rational and targeted promotions enabled us to deliver earnings per share at the low end of our guidance," explained Robert A. Niblock, Lowe's chairman and CEO.
The low end indeed. No end in sight for bad news involving companies in the housing market.
Douglas A. McIntyre is an editor at 247wallst.com.
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Reader Comments (Page 1 of 1)
11-19-2007 @ 9:38AM
CTC said...
A bump in the night -- still a terrific company with excellent prospects long term -- the housing slump will go away