Lowe’s Q2 results miss Street; cuts guidance
Mooresville, N.C. -- Lowe's Cos. Inc. on Monday reported lower-than-expected second quarter results, with its results hurt by a timing shift and a charge tied to job cuts. The chain also lowered its fiscal 2012 earnings and revenue outlooks.
Lowe’s earned $747 million for the period ended Aug. 3, down from $830 million in the year-ago period. Sales fell 2% to $14.25 billion. Same-store sales fell 0.4% and dipped 0.2% at U.S. locations.
The company noted that fiscal 2012 has one less week than last year.
"Our results fell short of our overall expectations," said Robert A. Niblock, Lowe's chairman, president and CEO in a statement. "However, I have confidence in our strategy and in our employees, and while we recognize the significant magnitude of change that we've asked the organization to absorb as we transform our business, we fully understand that we must improve our level of execution."