Lowe's Cos. (LOW) Misses Q2 EPS by 4c, Sales Roughly In-Line

Lowe's Cos. (NYSE: LOW) reported Q2 EPS of $1.57, $0.04 worse than the analyst estimate of $1.61. Revenue for the quarter came in at $19.5 billion versus the consensus estimate of $19.53 billion. Comparable sales increased 4.5 percent.

"We are pleased with our improved comparable sales performance relative to last quarter, and the strong momentum we built throughout the second quarter culminating in a 7.9% comparable sales increase for the month of July," commented Robert A. Niblock, Lowe's chairman, president and CEO. "I would like to thank our employees for their passion and commitment to serving customers.

"While our results were below our expectations in the first half of this year, the team remains focused on making the necessary investments to improve the customer experience and drive sales. This includes amplifying our consumer messaging and incremental customer-facing hours in our stores which will put pressure on our operating margin. We believe this is the right strategy to more fully capitalize on strong traffic trends in what we believe is a supportive macroeconomic backdrop for home improvement," Niblock added.

GUIDANCE:

• Lowe's Cos. sees FY2017 EPS of $4.20-$4.30, which may note compare to the consensus of $4.62.
• Total sales are expected to increase approximately 5 percent
• Comparable sales are expected to increase approximately 3.5 percent

For earnings history and earnings-related data on Lowe's Cos. (LOW) click here.

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