Lowe’s (LOW) Cuts Forecasts To The Bone
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…
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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
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
