Bloomberg reports that Lowe's recorded a small profit in its latest quarter ending July 31st but it was a smaller profit than analysts were expecting. Lowe's sales for the quarter plunged 9.5% at stores open at least 13 months. It was the 12th straight consecutive quarterly decline for the home improvement retailer.
Lowe's and larger rival Home Depot Inc. are competing for shoppers, who are taking on fewer large remodeling projects during the housing slump. Sales at Lowe's in the three months ended July 31 fell 4.6 percent to $13.8 billion, also trailing estimates.
"This is worse than expected," Colin McGranahan, an analyst with Sanford C. Bernstein & Co. in New York, said in a telephone interview. "It's a disappointment, but it's obviously macro driven."
The housing market is still weak so it would be wrong to expect Lowe's to be doing well. Sometimes the threat of a hurricane can boost sales for retailers like Lowe's and Home Depot but a huge storm is not exactly something one should be hoping for.
Bloomberg 
