Lowe's Issues Fourth-Quarter Warning - TheStreet

Lowe's (LOW) - Get Report warned that its fourth-quarter earnings will come in at a lower-than-expected at 40 cents to 42 cents a share, missing the I/B/E/S 23-analyst estimate of 46 cents a share.

The company cited slower sales for the missed earnings. Lowe's said total sales for the quarter will be up 19% over the same quarter last year, but same-store sales will be below the company's prior guidance of 1% to 3%. The home improvement retailer said 2001 EPS estimates are now projected to grow about 20% to 22%, compared to its previous indication of 22% to 23% growth.