Lowe's Q2 profit rises 10%; cuts revenue outlook
Morrisville, N.C. Lowe's Cos. reported Monday that profit for the quarter ended July 30 rose 10% to $832 million, compared with $759 million in the year-ago period.
However, the home-improvement retailer cut its sales outlook because of concerns about the economy.
Lowe’s chairman and CEO Robert Niblock said there won't be consistent improvement in demand until the stubbornly weak labor and housing markets bounce back.
Sales increased 4% in the second quarter, to $14.36 billion, which fell short of analysts’ expectations of $14.52 billion.
Same-store sales edged up 1.6%.
Lowe’s operates 1,724 stores in the United States, Canada and Mexico.