Reported about 2 months ago
Lowe's has revised its annual profit and sales forecasts downward due to weak consumer demand for home improvement products, similar to rival Home Depot. Economic factors such as high borrowing and mortgage rates have diminished new home sales, impacting store traffic. In the second quarter, Lowe's comparable sales fell 5.1%, exceeding analyst predictions. The company anticipates adjusted earnings per share of $11.70 to $11.90 for the year, down from previous estimates.
Source: YAHOO