(Reuters) – Lowe’s Cos Inc (LOW.N) missed estimates for quarterly same-store sales on Wednesday as the home improvement retailer bore the brunt of a slowdown in the U.S. housing market, sending its shares down 4 percent.
A view of the sign outside the Lowes store in Westminster, Colorado February 26, 2014. REUTERS/Rick Wilking/File Photo
Sales at stores open at least a year rose 5.2 percent, below the average analyst estimate of a 5.34 percent increase, according to Thomson Reuters I/B/E/S.
Net income rose to $1.52 billion, or $1.86 per share, in the second quarter ended Aug. 3 from $1.42 billion, or $1.68 per share, a year earlier.
Under new Chief Executive Marvin Ellison, net sales of the company rose 7 percent to $20.89 billion from $19.50 billion in the quarter.
Reporting by Aishwarya Venugopal in Bengaluru; Editing by Anil D’Silva