May 16, 2011, 12:27 p.m. EDT
Lowe’s cuts forecast as sales drop unexpectedly
Signs are that fuel prices have started to dent spending, retailer says
By Andria Cheng, MarketWatch
NEW YORK (MarketWatch) — Lowe’s Cos. reported a 5.7% decline in first-quarter profit Monday, after bad weather and the absence of a year-earlier federal appliance-rebate program led to a surprise drop in sales.
The No. 2 U.S. home-improvement retailer also cut its fiscal-year financial outlook, with the shortfall expected to fall mostly in the second half because it said higher fuel prices have affected the way consumers shop while the still-troubled housing market also made shoppers cautious about big-ticket discretionary purchases.
The article continues: http://www.marketwatch.com/story/lowes-cuts-forecast-as-sales-drop-unexpectedly-2011-05-16

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