Lowe's Cos. (NYSE: LOW) reported Q2 EPS of $2.07, $0.05 better than the analyst estimate of $2.02. Revenue for the quarter came in at $20.9 billion versus the consensus estimate of $20.78 billion.

Comparable sales increased 5.2 percent. Comparable sales for the U.S. home improvement business increased 5.3 percent for the second quarter.

"We posted solid results this quarter by capitalizing on delayed spring demand," commented Marvin R. Ellison, Lowe\'s president and CEO. "We are committed to driving even stronger performance in the future by sharpening our focus on retail fundamentals and by limiting any projects and initiatives that take us away from our core mission of being a great omni-channel home improvement retailer. I would like to thank our associates for their hard work and commitment to the company.

"While it was a necessary business decision to exit Orchard Supply Hardware, decisions that impact our people are never easy. We will be providing outplacement services for impacted associates, and they will be given priority status if they choose to apply for other Lowe\'s positions," Ellison added.

"In addition to the decision to exit Orchard Supply Hardware, we are developing plans to aggressively rationalize store inventory, reducing lower-performing inventory while investing in increased depth of high velocity items. Exiting Orchard Supply Hardware and rationalizing inventory are the driving force behind the changes to Lowe\'s Business Outlook.\" Ellison continued. \"Our strategic reassessment is ongoing as we evaluate the productivity of our real estate portfolio and non-retail business investments. We will update you on the changes to our strategy at the upcoming analyst and investor conference in December."

GUIDANCE:

Lowe's Cos. sees FY2018 EPS of $4.50-$4.60, versus the consensus of $0.00.

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