For Lowe’s, the improving housing market is still a bust.
The nation’s second-largest improvement retailer cut its full-year-earnings and revenue forecasts Monday after posting a 10 percent drop in second-quarter net income. Revenue at stores opened at least a year, a key yardstick for measuring the health of the retailer, declined 0.4 percent.
Lowe’s results were hurt in part by a timing shift in how the retailer reported the quarter and a charge tied to job cuts. But the latest performance also shows the company’s efforts to revamp its merchandise and prices aren’t working.
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