Lowe’s CFO Marshall Croom to retire after 21 years with the company

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Lowe’s stock gains after profit and sales miss, but outlook is upbeat

Shares of Lowe’s Companies rose 0.9% in premarket trade Wednesday, after the home improvement retailer missed fiscal first-quarter profit and sales expectations, as unfavorable weather hurt results, but provided an upbeat outlook. Net earnings for the quarter to May 4 rose to $988 million, or $1.19 a share, from $602 million, or 70 cents a share, in the same period a year ago. That missed the FactSet consensus for earnings per share of $1.21. Revenue rose 3.0% to $17.36 billion, just shy of the FactSet consensus of $17.46 billion, while same-store sales growth of 0.6% missed expectations of a 3.2% rise. “We drove solid performance in indoor categories and continued to grow our sales to Pro customers,” said Chief Executive Robert Niblock. “However, prolonged unfavorable weather across geographies led to a delayed spring selling season which impacted results in outdoor categories.” For the full year, Lowe’s expects total sales growth of 5%, while the FactSet consensus of $71.22 billion implies 3.8% growth, and projects a same-store sales increase of 3.5%, compared with expectations of a 3.3% rise. The stock has lost 12.0% the past three months through Tuesday, while rival Home Depot Inc. shares have slipped 0.8% and the Dow Jones Industrial Average has declined 1.9%.

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