Lowe’s Cuts Profit Forecast as Same-Store Sales Decline
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Lowe’s Cos., the second-largest U.S. home-improvement retailer, said profit in its fiscal 2011 will be less than it previously projected as sales drop at stores open more than a year.
Per-share profit in the year through Feb. 3 will be $1.48 to $1.54, down from a previous forecast of $1.56 to $1.64, the Mooresville, North Carolina-based company said today in a statement. The average estimate of 21 analysts was $1.61.