August 15, 2011 – NEW YORK (Reuters) - Lowe's Cos Inc <LOW.N> reported weaker-than-expected sales in the second quarter as home owners put off big renovations in an anemic U.S. economy.
Continue Reading Below
Sales at the second-largest home improvement chain behind Home Depot Inc <HD.N> rose 1.3 percent to $14.54 billion but missed analysts' average estimate of $14.75 billion.
"Despite some recovery in our seasonal business, our performance for the quarter fell short of our expectations," said Robert Niblock, Lowe's chairman, president and CEO.
Net income was $830 million, or 64 cents a share, compared with $832 million, or 58 cents a share, a year earlier.
Excluding special items, it earned 68 cents a share. On that basis, analysts were expecting 66 cents, according to Thomson Reuters I/B/E/S.
(Reporting by Dhanya Skariachan; editing by John Wallace)