's shares plummeted 9% before the bell Wednesday after the company posted mixed fiscal first-quarter results and cut its forecast for the fiscal year.
"Our first quarter comparable sales performance is a clear indication that the consumer is healthy and our focus on retail fundamentals is gaining traction," Lowe's CEO and president Mark Ellison said in a company release. "However, the unanticipated impact of the convergence of cost pressure, significant transition in our merchandising organization, and ineffective legacy pricing tools and processes led to gross margin contraction in the quarter which impacted earnings.
For fiscal 2019, the company estimates total sales will rise 2%, while same-store sales are expected to increase 3%.
Home Depot too!
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pinterest CEO after earnings report tumble: We're in the growth phase of our business'We're trying to be transparent and ... we want to focus on the long term,' CEO Ben Silbermann says. I’ve never used it not once 🤷🏻♀️ ...this is a “business”? Please contact the digital wonder manager, the innovator behind all things digital, the inventor of Smart Technologies and Smart Networks. His prototype is the iPhone today. See: padraicmcfreen Pinterest it’s time to upgrade💋💋
Source: CNBC - 🏆 12. / 72 Read more »
Nvidia stock rally loses steam on cloudy outlook for server chips, full-year earningsNvidia Corp. shares shed big gains in the extended session Thursday after the graphics-chip maker does not provide a full-year outlook and says that...
Source: MarketWatch - 🏆 3. / 97 Read more »
The stock market punished earnings misses more than it rewarded earnings beatsFirst-quarter earnings season is virtually in the books. A look back shows stock-market investors were in a mood to punish shares of companies that... Is it ever otherwise? As they say, 'bulls take the stairs, bears take the elevator.' Like always What the hell does John Malkovich have to do with it?
Source: MarketWatch - 🏆 3. / 97 Read more »