Shares of Lowe’s (LOW) are off 4% before the open, and no wonder.
The company reported net earnings of $643 million for the quarter ended November 2, 2007, a 10.2 percent decline over the same period a year ago. Diluted earnings per share declined 6.5 percent to $0.43 from $0.46 in the third quarter of 2006. Sales for the quarter increased 3.2 percent to $11.6 billion, up from $11.2 billion in the third quarter of 2006
As the CEO said "Our sales for the quarter fell short of our expectations."
The company said comparable store sales would be off 3% to 5% in the next quarter.
There was simply no light at the end of the tunnel
Douglas A. McIntyre
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