Lowe's (LOW) announced a 19% drop in second quarter earnings on Monday, attributing the drop to a sluggish demand and one-time charges incurred when the company halted its efforts to expand.
The Mooresville, N.C.-based purveyor of home-improvement goods announced that same-store sales fell 9.5%, marking the 12th quarter in a row for a drop in same-store sales.
http://StockEinstein.com offers free daily stock alerts on companies ready to run. Scroll to the bottom of this page to signup for free stock alerts and visit our site.
The company adjusted its prediction of opening 60 to 70 new stores, narrowing the estimate to between 62 and 66, and lost $48 million in related pre-tax charges.Sales dropped to $13.84 billion, a decline of 4.6%.
Income totaled $759 million, or 51 cents a share, down from $938 million, or 63 cents a share, from the same period a year prior.
Lowe’s reduced the upper end of its fiscal-year outlook by four cents per share, and said that overall sales will be down by around 3%, as opposed to the originally predicted 1% to 2%.
StockEinstein.com has a dedicated team uncovering stocks ready to break and run. We apply time tested criteria and when one of these stocks meets or exceeds our benchmarks, our subscribers are immediately notified directly to their in-box.
This is a free service available only to our subscribers. Scroll to the bottom of this page to signup for free stock alerts and visit our site.
During 2009 our alerts have resulted in an average price gain of 80%+.
Disclaimer: Full disclaimer at http://StockEinstein.com/disclaimer.php
IMPORTANT: Never invest in any stock featured in any press release, email or website unless you can afford the loss of your entire investment. Stocks and particularly penny stocks have the possibility for dramatic gains, and also losses. Neither StockEinstein, nor any of its affiliates are registered investment advisors or broker dealers.
