Lowe's Co. Inc. reported weaker-than-expected sales in the second quarter as homeowners put off big renovations in an anemic U.S. economy.
Sales at the second-largest home improvement chain behind Home Depot Inc. rose 1.3 percent to $14.54 billion but missed analysts' average estimate of $14.75 billion.
"Despite some recovery in our seasonal business, our performance for the quarter fell short of our expectations," said Robert Niblock, Lowe's chairman, president and CEO.
Net income was $830 million, or 64 cents a share, compared with $832 million, or 58 cents a share, a year earlier.
Excluding special items, it earned 68 cents a share. On that basis, analysts were expecting 66 cents, according to Thomson Reuters I/B/E/S.
(Reporting by Dhanya Skariachan; editing by John Wallace)