Lowe's Net Income Down, Sales Miss Forecast

Mooresville, NC, Aug. 15, 2011 -- Home center Lowe's reported second quarter net income was $830 million, or $0.64 a share, compared with $832 million, or $0.58 a share, a year earlier.

The firm reported weaker-than-expected sales of $14.54 billion as home owners put off big renovations.

Sales rose 1.3% but missed analysts' average estimate of $14.75 billion.

"Despite some recovery in our seasonal business, our performance for the quarter fell short of our expectations," said CEO Robert Niblock.