Consumer Discretionary

Lowe’s (NYSE:LOW) Sees Comparable Sales Fall 1.6% Vs. FactSet Expectations for a 2.6% Drop.

Lowe’s Cos. Inc. (NYSE:LOW) saw comparable sales decline in the latest quarter, but not by as much as analysts were expecting. The shares were moving fractionally higher in Tuesday’s premarket trading after Lowe’s posted a 1.6% decline in comparable sales for the fiscal second quarter compared with the 2.6% drop that analysts were expecting. Net earnings at Lowe’s were $2.7 billion, or $4.56 a share, compared with $3.0 billion, or $4.67 a share, in the year-prior quarter. The FactSet consensus was for $4.47 a share. Revenue fell to $25.0 billion from $27.5 billion and matched the consensus view. Lowe’s called out a “strong spring recovery” and traction in its Pro and online businesses, though it said that lumber deflation and lower do-it-yourself discretionary demand weighed on comparable sales. The company affirmed its outlook for the full fiscal year. That calls for $87 billion to $89 billion in sales and a

Lowe’s (NYSE:LOW) on Tuesday reported lower fiscal second-quarter results, although earnings topped Wall Street’s expectations and the home improvement retailer maintained its full-year outlook. Per-share earnings came in at $4.56 for the three months through Aug. 4, down from $4.67 the year before, but ahead of the Capital IQ-polled consensus of $4.48. Sales dropped to $24.96 billion from $27.48 billion, just shy of the Street’s view for $24.98 billion. The stock gained 2.9% in premarket trading. Sales included a roughly $335 million headwind related to a timing shift in the retailer’s fiscal calendar, as it cycled over a 53-week year, it said. Same-store sales declined 1.6%, compared with a 2.6% decrease modeled by analysts, as a robust spring recovery and sales traction in the company’s pro and online businesses helped partially offset lumber deflation and lower do-it-yourself discretionary demand. Selling, general and administrative expenses narrowed to $4.09 billion from $4.46