Lowe's Cos. (LOW) Misses Q3 EPS by 8c; Trims FY17 Outlook
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Lowe's Cos. (NYSE: LOW) reported Q3 EPS of $0.88, $0.08 worse than the analyst estimate of $0.96. Revenue for the quarter came in at $15.7 billion versus the consensus estimate of $15.86 billion.
Comparable sales increased 2.7 percent. The Street was looking for a 3.2 percent increase.
Fiscal Year 2016 -- a 53-week Year (comparisons to fiscal year 2015 -- a 52-week year; based on U.S. GAAP)
- Total sales are expected to increase 9 to 10 percent, including the 53rd week
- The 53rd week is expected to increase total sales by approximately 1.5 percent
- Comparable sales are expected to increase 3 to 4 percent. (Previously saw up about 4 percent.)
- The company expects to add approximately 40 home improvement and hardware stores.
- Earnings before interest and taxes as a percentage of sales (operating margin) are expected to increase approximately 65 basis points.2
- The effective income tax rate is expected to be approximately 40.1%.
- Diluted earnings per share of approximately $3.522 are expected for the fiscal year ending February 3, 2017. (The Street sees $4.)
For earnings history and earnings-related data on Lowe's Cos. (LOW) click here.
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