Mooresville, NC, September 25, 2006--Lowe's after Monday's closing bell said it now expects fiscal 2006 per-share earnings at the lower end of its outlook of $2.00 to $2.07.
The company said that revenue for the period is below its expectations.
Lowe's cited pressures on its customers, like high energy costs and declining housing turnover, for its revisions.
The company also said it plans to open 155 stores in 2007 and 150 in 2008.
Lowe's estimates the new stores will increase sales by 10% to 13% in 2007 and 11% to 13% in 2008. As a result, the company sees per-share earnings growth of 10% to 14% in 2007 and 12% to 16% in 2008
