Rochester,NY 8/20/2009 9:06:44 PM
Lowe's Companies Inc. LOW announced that its second-quarter earnings fell 19%
Lowe's Companies Inc.
Home-improvement giant Lowe's Cos. announced that its second-quarter earnings fell 19 percent on weaker-than- expected sales, adding fresh fuel to doubts about the ability and willingness of consumers to lead the U.S. economy out of recession.
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That affects low-income housing projects and senior housing developments.Lowe's results were a stark contrast to the previous quarter, when the company beat expectations as consumers stocked up on paints and plants as spring approached.In the first quarter, the company said it saw signs of a consumer resurgence, but its announcement cited continued consumer weakness.
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