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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Walmart Inc | NYSE:WMT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.05 | -0.08% | 60.16 | 60.39 | 60.00 | 60.15 | 11,045,224 | 00:10:16 |
Lowe's Cos. on Wednesday reported weaker-than-expected profit growth in its second quarter, though the retailer logged a 4.6% increase in a key sales metric for its U.S. home improvement stores amid sales of big-ticket items like appliances and outdoor power equipment.
The company backed its full-year outlook.
In a weak retail environment, home improvement stores like Lowe's and Home Depot Inc. have been an outlier with consumers showing more of a willingness to spend money replacing windows and upgrading countertops than to splurge on fashion and everyday goods.
Lowe's said its same-store sales at locations open at least a year rose 4.3% in the quarter ended July 31. Sales at U.S. Lowe's stores rose 4.6%.
Overall, Lowe's posted a profit of $1.13 billion, or $1.20 a share, up from $1.04 billion, or $1.04 a share, a year earlier.
Net sales grew 4.5% to $17.35 billion.
Analysts had expected earnings of $1.24 a share and revenue of $17.3 billion in revenue for the period, according to Thomson Reuters.
Lowe's results come amid a string of mixed results from retailers recently.
Home Depot Inc. on Tuesday posted higher profit and sales, also citing spending from homeowners on big-ticket items. But Wal-Mart Stores Inc. said its quarterly profit fell 15% from a year ago and the company lowered its earnings targets for the fiscal year.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 19, 2015 07:15 ET (11:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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