Lowe’s Cos.’ (LOW) fiscal first-quarter earnings fell 22% amid continued weak demand for big-ticket items.
The world’s second-largest home-improvement retailer after Home Depot Inc. ( HD) nevertheless raised its fiscal-year earnings view but narrowed its outlook for revenue.
The company now expects fiscal-year earnings of $1.13 to $1.25 a share, up from February’s reduced estimate of $1.04 to $1.20. It now forecasts revenue ranging from down 2% to up 1% compared to February’s view of down 2% to up 2%. It still expects same-store sales in a range of down 4% to 8%.