Cuts FY guidance (Il Sole 24 Ore Radiocor) - New York, 20 Aug - The US home improvement retailer Lowe's Companies said that in the second quarter ended August 2 diluted earnings per share fell to 4.17 dollars from 4.56 dollars a year earlier.

During the second quarter, the company recognized a 43 million dollar pretax gain associated with the 2022 sale of the Canadian retail business. Excluding the gain, second quarter adjusted diluted EPS totalled 4.10 dollars.

Total sales were 23.6 billion dollars compared to 25.0 billion in the prior-year quarter. Comparable sales decreased 5.1% driven by continued pressure in DIY bigger ticket discretionary spending and unfavorable weather adversely impacting sales in seasonal and other outdoor categories, partially offset by positive comparable sales in Pro and online, it said.

The company cut its sales and earnings guidance for the full year.

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(RADIOCOR) 20-08-24 13:14:16 (0278) 5 NNNN