Lowes announced mixed first-quarter 2019 results and reduced its full-year outlook yesterday sending the stock down double digits, its worst one-day stock plunge since 1992.
The good news was Lowe’s quarterly sales grew 2.2% year over year, to $17.74 billion with a 3.5% increase in comparable-store sales. The bad news was Lowe’s revised its 2019 earnings per share outlook downward to a range of $5.45 to $5.65, from a previous range of $6 to $6.10 because they failed to raise prices in time to make up for higher costs.
What happened, according to Ellison, is this: Essentially, Lowe’s merchandising executives were
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