UPDATE: Lowe's Reports Downbeat Q2 Sales, Lowers Forecast

Lowe's Companies Inc LOW reported downbeat quarterly sales and lowered its fiscal-year forecast. Lowe's sales increased 1.3% to $14.54 billion in the second quarter, versus analysts' estimates of $14.75 billion. Its net income came in at $830 million, or $0.64 per share, versus $832 million, or $0.58 per share, in the year-ago period. Excluding special items, Lowe's earnings came in at $0.68 per share, versus analysts' estimates of $0.66 per share. Lowe's now projects earnings of $1.48 to $1.54 per share for the year. In May, Lowe's lowered its outlook to a range of $1.56 to $1.64 per share, down from its earlier forecast of $1.60 to $1.72 per share. Lowe's shares gained 0.36% to $19.58 in pre-market trading.