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Lowe’s Q2 results miss Street; cuts guidance
Mooresville, N.C. -- Lowe's Cos. Inc. on Monday reported lower-than-expected second quarter results, with its results hurt by a timing shift and a charge tied to job cuts. The chain also lowered its fiscal 2012 earnings and revenue outlooks.
Lowe’s earned $747 million for the period ended Aug. 3, down from $830 million in the year-ago period. Sales fell 2% to $14.25 billion. Same-store sales fell 0.4% and dipped 0.2% at U.S. locations.
The company noted that fiscal 2012 has one less week than last year.
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Foot Locker profit and sales rise in Q2
New York -- Foot Locker reported Friday that net income for the quarter ended July 28 rose to $59 million, from $37 million last year.
Sales increased 7.2% to $1.37 billion this year, compared with $1.27 billion in the prior year. Same-store sales increased nearly 10%.