News Summary: Lowe's 2Q profits down 10 percent

AP News
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Posted: Aug 20, 2012 3:11 PM

SOFT SHOWING: Lowe's Cos., the nation's second largest home improvement retailer, reported a 10 percent drop in profit and a 2 percent decline in sales during its fiscal second-quarter.

NEW FLOOR PLAN: Efforts to change merchandising and pricing are taking longer than expected. In contrast, Home Depot reported upbeat results, citing an improvement in the housing market.

DOWN THE ROAD: For fiscal 2012, Lowe's now expects earnings of about $1.64 per share and revenue to be about flat with 2011's $50.21 billion. It previously predicted earnings of $1.73 to $1.83 per share, with revenue rising 1 percent to 2 percent.