Lowe’s (LOW) management must not have wanted the Target (TGT) people to feel all alone when they cut their same-store sales forecasts.
Lowe’s chopped its earnings estimate after the market closed. The AP writes that the home-improvement company on Monday said it now projects fiscal-year earnings at the low end or slightly below its prior forecast, citing lower-than-expected sales trends.
Reuters reports that Lowe’s said it now expects profit for the year ending in February to be at the low end or below a forecast of $1.97 to $2.01 a share it gave in August.
Lowe’s shares are off 6% in after hours trading.
If the Target and Lowe’s news turns into an industry trend, it is going to be a rough Fall.
Douglas A. McIntyre
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.