Sales at Lowe’s down 7.6%
Posted by ecoshift on February 25, 2008
Lowe’s forecasts year profit below estimates | Reuters
Mon Feb 25, 2008 8:03am EST
Sales edged down to $10.38 billion from $10.41 billion a year earlier. Analysts expected sales of $10.6 billion for the quarter, according to Reuters Estimates. Sales at stores open at least a year, or same-store sales, fell 7.6 percent.
The home improvement sector has suffered as consumers pulled back spending on home renovations in the face of declining home values, lower sales and tighter credit requirements.
Home Depot is expected to report lower quarterly results on Tuesday