February 26, 2020 / 11:11 AM / a month ago

Lowe's misses quarterly same-store sales estimates

Feb 26 (Reuters) - Lowe’s Cos Inc on Wednesday missed quarterly same-store sales estimates as the home improvement chain faced stiff competition from larger rival Home Depot Inc, and forecast annual earnings below estimates.

The company’s same-store sale rose 2.5% in the fourth quarter ended Jan. 31, below expectations of a 3.6% increase, according to IBES data from Refinitiv.

It said it expects adjusted fiscal 2020 earnings of $6.45 to $6.65 per share, compared with analysts’ average forecast of $6.67 per share. (Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli)

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