Retail home improvement and appliance store, Lowes (NYSE: LOW) released second quarter earnings of $1.31 per share on $18.26 billion in revenue, that missed consensus estimates of $1.42 per share on $18.44 billion in revenue along with lowering its full-year outlook.
“We believe we are well positioned to capitalize on a favorable macroeconomic backdrop for home improvement in the second half of this year as we continue to execute on our strategic priorities to provide better omni-channel experiences, deepen our relationships with professional customers, and drive productivity and profitability,” said Lowes CEO Robert Niblock.
Sales at Lowe’s stores open more than 13 months rose 2 percent, below the 4.1 percent growth expected by analysts polled by research firm Consensus Metrix. The company also updated its full-year outlook to reflect its acquisition of Canadian retail company Rona, which was completed in May. Lowe’s expects to add approximately 45 home improvement and hardware stores this fiscal year, according to CNBC.
Shares down 5% after the release.