Lowe’s reports big drop in earnings CHARLOTTE, N.C. — If you are looking for a sign the economy is still in need of repair, you can find it at Lowe’s Cos. A struggling economy and continued turmoil in the housing market drove the nation’s second-biggest home improvement retailer to report a nearly 18 percent drop in first-quarter earnings from a year earlier and lower its guidance for the year on Monday. Its shares fell more than 2 percent in afternoon trading. Investors may see similar results from larger rival Home Depot Inc., who is expected to post lower first-quarter profit today, pressured by declining sales and costs tied to store closures and a scale-back of future openings. “It’s been a challenging sales environment,” said Lowe’s Chairman and Chief Executive Robert A. Niblock in an interview with The Associated Press.
Logged
