This morning Lowe’s released its results for the second quarter that ended Aug. 4. They reflected a drop in consumer demand. The world’s second-largest home improvement retailer beat analyst earnings estimates but fell slightly short on expected sales. Revenue for the quarter was $24.96 billion versus $24.99 billion expected. Revenue for the comparable period last year was $27.48 billion. Net income for the quarter was $2.67 billion. Earnings per share for the quarter were $4.56 versus $4.49 expected by analysts.
Lowe’s had previously said in May that it expects comparable store sales to drop by two to four percent this fiscal year, with the company’s revenues forecast to be $87 billion, a drop from $89 billion last year. It stuck by that forecast in its Q2 statements.