Investors sell down shares of home-improvement chain and rival Home Depot

(Source: Market Watch)

Lowe’s Cos.’ second-quarter profit fell a worse-than-expected 19% as consumers continued to balk at spending for special-order kitchen cabinets and other big-ticket but non-essential items, despite some signs of bottoming in the U.S. housing market.

Lowe’s also said Monday it decided not to pursue several potential future-store projects and lowered its North American plan for store openings next year.

The No. 2 U.S. home-improvement retailer also gave second-half forecasts that fell short of Wall Street expectations.

Read Andria Cheng’s full article “Lowe’s net, forecast fall short as store openings get trimmed” in Market Watch (August 17, 2009).

Further Reading:

2nd UPDATE: Lowe’s 2Q Profit Down On Weak Demand” Wall Street Journal (August 17, 2009).

Lowe’s 2Q profit falls 19 pct; shares fall” Associated Press (August 17, 2009).

2Q profit hit to hinder Lowe’s expansion projects in 2010” News 14 (August 17, 2009)

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