Concerns that Americans may not be spending as much on housing have resurfaced following a disappointing third-quarter posting by Lowe's Cos. Bloomberg staffer Matthew Townsend reports on the decline of the company that earned $0.88 per share, down from analysts predictions of $0.96.
Lowe's Cos. CEO Robert Niblock said that the decline was due to slower sales during the first two months of the third quarter. Struggling sales for Lowe's adds to a gap between it and larger-rival Home Depot:
Sales at Lowe’s stores open a year or more rose 2.7 percent, missing estimates for a gain of 3.2 percent. That means Lowe’s once again failed to show as much growth as Home Depot, which posted an increase of 5.5 percent. Since 2009, Lowe’s has only topped Home Depot twice in same-store sales, including the first quarter of this year.