Lowe’s (LOW) management must not have wanted the Target (TGT) people to feel all alone when they cut their same-store sales forecasts.
Lowe’s chopped its earnings estimate after the market closed. The AP writes that the home-improvement company on Monday said it now projects fiscal-year earnings at the low end or slightly below its prior forecast, citing lower-than-expected sales trends.
Reuters reports that Lowe’s said it now expects profit for the year ending in February to be at the low end or below a forecast of $1.97 to $2.01 a share it gave in August.
Lowe’s shares are off 6% in after hours trading.
If the Target and Lowe’s news turns into an industry trend, it is going to be a rough Fall.
Douglas A. McIntyre