Lowe's Second Quarter Earnings Decline

Mooresville, NC, Aug. 18, 2008--Lowe's said its second-quarter profit fell 7.9 percent from a year ago, but still topped Wall Street expectations.

Lowe's said Monday that earnings fell to $938 million, or 64 cents per share, in the three months ended Aug. 1. That compares with a profit of $1.02 billion, or 67 cents per share, in the year-ago period.

It says sales increased 2.4 percent to $14.5 billion.

The nation's second-largest home improvement retailer is offering a downbeat sales and profit outlook, however, as it feels the pain from a weak housing market.

Lowe's same-store sales fell 5.3 percent in the period. For the third quarter Lowe's sees sales growth at 1 percent to 2 percent and earnings per share of 27 cent to 31 cents. For the full year of 2008 Lowe's expects earnings per share of $1.48 to $1.56.

During the quarter, Lowe's opened 23 new stores.