*2nd- qtr adj. profit $1.57/ shr vs est $1.61. *Net sales $19.50 bln vs est $19.53 bln. Shares of the No.2 U.S. home improvement retailer dipped 6 percent to $71.27 in morning trading.
"We believe this is the right strategy to more fully capitalize on strong traffic trends in what we believe is a supportive macroeconomic backdrop for home improvement," Lowe's Chief Executive Robert Niblock said. Mooresville, North Carolina- based Lowe's net income rose 21.4 percent to $1.42 billion or $1.68 per share in the second quarter ended Aug. 4.
Lowe's investments to drive sales include "amplifying our consumer messaging and incremental customer-facing hours in our stores," Chief Executive Robert Niblock said in a statement. Lowe's net income rose to $1.42 billion, or $1.68 per share in the second quarter ended Aug. 4, from $1.17 billion, or $1.31 per share, a year earlier. Excluding one-time items, the...
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.