Lowe's Companies reported second-quarter adjusted earnings of $4.40 per share, beating the $4.22 FactSet consensus, but cut its full-year sales forecast to $92 billion and now expects comparable sales to be approximately flat. Total sales rose 8.3% to $25.96 billion, helped by acquisitions, while organic comparable sales increased just 0.2%, below the 0.8% expected. The company cited persistent pressure on discretionary DIY spending and softer housing trends affecting its Foundation Building Materials and Artisan Design Group units. Full-year adjusted diluted EPS is now forecast at approximately $12.25, the bottom of the previous range. Shares closed 2.0% higher at $220 on August 19.
Lowe's Companies IncLowe's cut full-year sales forecast and cited persistent pressure on discretionary DIY spending and softer housing trends.
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