Home improvement retailer Lowe's reported today that second-quarter profits increased 10 percent, but its forecast the rest of the year was cautious.
The company, based in Mooresville, posted earnings of $832 million, or 58 cents per share, for the period ended July 30, compared to $759 million, or 51 cents per share, a year ago. Sales for the quarter climbed 3.7 percent to $14.4 billion, below the company’s previous projection of 5 to 7 percent revenue growth.
The economy was slightly softer than executives had expected and won’t return to “robust growth” until unemployment begins to recede and housing prices bottom out nationally, Lowe’s chief executive Robert Niblock said in an interview with our sister publication, the Charlotte Observer.
To read more of that interview go here.
The company's Atlanta-based rival, Home Depot, reports its financial results Tuesday morning.