Lowe’s Profit Misses Estimates as Homeowners Cut Spending
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Lowe’s Cos., the second-largest U.S. home improvement retailer, reported first-quarter profit that trailed analysts’ estimates and lowered its 2011 profit forecast after customers cut back on renovations.
Earnings were unchanged at 34 cents a share, Mooresville, North Carolina-based Lowe’s said today in a statement, missing the average of 36 cents projected by analysts in a Bloomberg survey. Lowe’s trimmed its profit forecast for the year ending Feb. 3, 2012, to a maximum of $1.64.