• Lowe's shares decline after earnings miss

    By: by Ken Elkins, Charlotte Business Journal


    MOORESVILLE, N.C. - Could the honeymoon for Marvin Ellison be over, less than a year after his arrival at Lowe’s Cos. Inc.?

    The Mooresville-based home-improvement retailer’s first-quarter earnings missed the consensus analyst estimates this morning, and share price for the company’s stock was down more than 10% in midday trading.

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    Ellison, who arrived July 1 and has made many changes at the company, from its C suite to appliance distribution, notes that Lowe’s still has some legacy issues he’s dealing with.

    For the quarter, Lowe’s earned $1 billion, or $1.31 per diluted share, compared with $988 million, or $1.19 a share, in the first quarter of 2018. Analysts were expecting $1.34 a share.

    The company’s quarterly sales revenue hit $17.7 billion.

    Read more here.

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