Summary Box: Lowe's 2Q essentially flat

AP News
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Posted: Aug 15, 2011 7:31 AM
Summary Box: Lowe's 2Q essentially flat

THE NEWS: No. 2 home-improvement retailer Lowe's Cos. reported that its net income was nearly flat at $830 million, or 64 cents per share. Revenue rose 1 percent to $14.54 billion.

THE BIG PICTURE: Lowe's and its competitors are feeling pressure as Americans cut back on major housing projects in a moribund housing market and a volatile economy. Spring and summer, the most important seasons for the sector, have also been bashed by heat waves and floods.

WHAT'S NEXT: The company expects revenue to rise 2 percent over the remainder of the year.