Several US retail giants released their quarterly results on Wednesday, and it’s fair to say it was a bit of a mixed bag.
DIY and home improvement retailer Lowe’s Companies, Inc (NYSE:LOW) saw shares tumble by more than 5% after it missed analyst expectations for its second quarter results.
The North Carolina-based firm reported adjusted profit of US$1.37 per share, 5 cents below estimates, while revenue missed forecasts as well.
Lowe’s did see like-for-like sales rise by 2%, although this was half of what analysts were expecting.
Sales at the office supply specialist dropped for the 14th quarter in a row, which prompted a 6% dip in the price of the stock.
America’s second-largest discount retailer earned an adjusted profit of US$1.23 per share in the second quarter of this year, above estimates of US$1.12.
Revenue was broadly in line with expectations, although comparable-store sales fell 1.1%, slightly over the predicted 1% drop.
Shares were off nearly 7% in early trading after Target also lowered its like-for-like sales forecasts for the second half of this year.
The firm posted a profit of 66 cents per share for the period, 10 cents above estimates, while revenue also beat Wall Street forecasts.
Urban Outfitters also saw an improvement in profits as well, thanks primarily due to fewer promotions.