It was another disappointing quarter for Lowe’s Cos., which on Wednesday reported lower-than-expected adjusted earnings and revenue and gave notice of slower growth in profit margin for the second half.
The home improvement company reported that its revenue rose 6.8% to $19.5 billion for the quarter ended Aug. 4, which was short of estimates. Same-store sales rose 4.5%, exceeding Street forecasts.
Lowe’s reported net income of $1.4 billion compared to $1.2 billion a year ago. Adjusted earnings were $1.57 a share for the quarter, missing analysts’ estimate of $1.62 a share.