Home improvement chain Lowe's (NYSE:LOW) reiterated its sales and profit outlook for its current fiscal 2010 fiscal year, and it said it would announce new strategies to serve what it called more exacting consumers.
In a statement issued ahead of Lowe's analyst and investor conference, Chief Executive Robert Niblock said the company has contended with an uncertain housing environment and a "declining industry."
Niblock hinted that Lowe's would announce strategies to build its business beyond its core big box stores at its investor and analyst meeting in Mooresville, North Carolina.
"In no way are we stepping away from the retail operations that are the foundation of our success, but we recognize that the store experience alone is not enough for customers today," Niblock said.
Lowe's did not provide any details about its plans to increase sales but said executives would discuss them at the meeting.
Lowe's also said it is still forecasting earnings per share of between $1.37 and $1.40 for the fiscal year ending Jan. 28, 2011, reaffirming its outlook given earlier this month. That compares with Wall Street forecasts of $1.41 per share.
It also still expects sales at stores open at least a year to rise between 1 and 2%. It plans to open 42 new stores in all.