00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Lowe's reported mixed second quarter results as the home improvement retailer faced pressure
00:07on spending for home improvement projects, according to CNBC. Second quarter revenue
00:12came in at $25.96 billion below the $26.16 billion Wall Street estimate,
00:19while adjusted earnings came in at $4.40 per share. The retailer said tariff refunds added
00:24$0.11 per share. Comparable sales rose 0.2%, supported by pro and home services sales,
00:32while online sales increased 15.7%. Lowe's said macroeconomic pressure weighed on do-it-yourself
00:40customers and spending on larger projects. The company now expects full-year sales of $92 billion
00:46at the bottom of its previous $92 billion to $94 billion range. It expects comparable sales to be
00:53flat and adjusted earnings of $12.25 per share. Shares fell about 2% in pre-market trading.
01:00For all things money, visit Benzinga.com.
Comments