That’s Lowe

May 19, 2008 at 12:44 pm  ·  Category: Stocks

The generally poor economic outlook, including well-known housing pressures, rising food and fuel prices and a more negative employment picture eroded consumer confidence and impacted discretionary purchases for the home.

Robert Niblock, CEO Lowe’s

Home improvement retailer Lowe’s (LOW) reported earnings before the open this morning – and it wasn’t pretty.

Same store sales declined 8.4% from the year ago period and net income was down 18%.  Their forecast for the next quarter is a 6%-8% same store sales decline (LOW Earnings Release).

Expect more of the same from Home Depot (HD) tomorrow.

Disclosure: Top Gun has no position in Lowe’s (LOW) and is short Home Depot (HD).

Posted by Greg Feirman  ·  Trackback URL  ·  Link
 

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