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Lowe’s down 2.2% after cutting 2014 sales outlook

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Investing.com -

Investing.com - Lowe's saw shares decline in pre-market trade on Wednesday, after the world's second largest home improvement retailer cut its full-year sales outlook.

Lowe's said adjusted earnings per share came in at $1.04 for the quarter ended August 1, above expectations for earnings of $1.02 per share.

The company's fiscal second quarter revenue totaled $16.6 billion, beating forecasts for revenue of $16.56 billion.

Comparable sales for the quarter increased 2.8% in the three months ended August 1.

"We were able to recover most of the outdoor product sales missed in the first quarter due to unfavorable weather conditions," commented Robert A. Niblock, Lowe's chairman, president and CEO.

"Our year-to-date sales performance, together with our previous assumptions for the second half of 2014, result in a modest reduction to our sales outlook for the year. Our diluted earnings per share outlook is unchanged, which is a testament to our keen focus on profitability," Niblock added.

Delivering on its commitment to return excess cash to shareholders, the company repurchased $1.1 billion of stock under its share repurchase program and paid $183 million in dividends in the second quarter.

Following the release of the report, shares of Lowe's Companies (NYSE:LOW) declined 2.2% in pre-market trade.

Meanwhile, the outlook for U.S. equity markets was mildly lower. The Dow pointed to a loss of 0.15% at the open, the S&P 500 dipped 0.2%, while the Nasdaq 100 indicated a decline of 0.15% at the open.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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