NEW YORK (Associated Press) - Lowe's Cos. Inc. is offering a mixed outlook as the nation's second-largest home improvement retailer says its second-quarter profit fell 7.9 percent.
The Mooresville, N.C.-based retailer said Monday that it expects earnings per share to be in the range of 27 cents to 31 cents in the fiscal third quarter which ends Oct. 31. Thomson Reuters says analysts were expecting 33 cents a share.
The company expects total sales to increase a modest 1 to 2 percent for the quarter while sales at stores open at least a year fall 5 to 7 percent.
For the fiscal year, the company raised its earnings per share to be in the range of $1.48 to $1.56 per share. Thomson Reuters says analysts were looking for $1.50 a share for the year.
In May, Lowe's said it expected full-year profit per share of $1.45 to $1.55, down from its forecast of $1.50 to $1.58 a share in February.
The company is still sticking with its total sales growth projection of 1 percent for the year. The company predicted that same-store sales should fall 6 to 7 percent for the year.
Its shares rose 7 cents to $24.57 in morning trading after rising more than 3 percent earlier in the session
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