LOW Posts Q2 Results Below Expectations, Plans To Open New Stores

Lowe's Companies Inc LOW reports weaker-than-expected Q2 results. The company has also planned to open new stores in the forthcoming quarter. LOW reported its EPS at $0.58, falling short of the consensus of $0.59. LOW’s Q2 revenue came in at $14.4 billion versus the Street view of $14.52 billion. Lowe's has projected its EPS for the third quarter at $0.28-$0.32, as compared to the consensus of $0.31. The company is forecasting an increase of 3%-5% in its total sales for the third quarter. LOW has forecasted its EPS for FY10 at $1.38-$1.45, versus the Street view of $1.42. It has forecasted a rise of about 4% in its total sales for FY10. The company is planning to open 12 new stores in the third quarter and about 40 to 45 stores in 2010. Robert A. Niblock, Lowe’s chairman and CEO mentioned, “Despite economic uncertainty, our continued focus on the customer and prudent expense management yielded solid results for the quarter.” “With limited visibility into near-term demand, we continue to focus on operational efficiency to create value for our shareholders. Longer-term, we believe improvements in labor and housing markets will be necessary to support more consistent improvement in demand for home improvement products,” Niblock added. LOW’s shares fell 1.07% to $19.38 in pre-market trading. Read more from Benzinga's Company news.