Aug 20- Lowe's Cos Inc, the No. 2 U.S. home improvement products retailer, echoed larger rival Home Depot Inc in anticipating higher spending on renovations in the second half of the year as the U.S. housing market showed signs of a recovery.
Aug 20- Lowe's Cos Inc, the world's No. 2 home improvement products retailer, reduced its sales forecast for the full year, sending its shares down 4 percent in premarket trading.
For the three months ended Aug. 1, Lowe's Cos. earned $1.04 billion, or $1.04 per share. A year earlier it earned $941 million, or 88 cents per share. Revenue rose 6 percent to $16.6 billion from $15.71 billion, topping Wall Street's $16.57 billion forecast.
Orchard Supply Hardware Stores has filed for Chapter 11 bankruptcy protection, with rival retailer Lowe's Companies set to buy the majority of its assets for $205 million in cash.
NEW YORK-- Lowe's is seeking to hire two senior level executives that could play a role in its CEO succession plan. The No. 2 home improvement retailer is looking for a chief merchandising officer and a head of supply chain, two positions left vacant since Lowe's reorganized in May.