In this Wednesday, June 29, 2016, photo, customers walk toward a Lowe's store in Hialeah, Fla.

In this Wednesday, June 29, 2016, photo, customers walk toward a Lowe's store in Hialeah, Fla. (AP Photo/Alan Diaz)

Lowe's Misses, Warns After Late-Summer Softness

Earnings FOXBusiness

Lowe's (LOW) warns it might not meet prior sales-growth guidance as it posts below-consensus 3Q results. Adjusted EPS also fell short, and the unadjusted target for the year falls in the wake of the wind-down of its Australia JV and write-off of projects "canceled as part of the company's ongoing review of strategic initiatives." This all as LOW in May completed its years-long desire to buy Canadian peer Rona, where it's focus will be for now in addition to trying to close the ongoing performance gap with Home Depot (HD). Yesterday, it logged 5.9% domestic same-store-sales growth while LOW posts 2.6%. CEO Robert Niblock says activity was slow in August and September but improved last month. Shares slide 4.8% premarket to $65.77 after pulling back 1.4% yesterday.

Continue Reading Below

What do you think?

Click the button below to comment on this article.