May 24 Lowe's Cos Inc, the No. 2 U.S.
home improvement retailer, reported lower-than-expected
quarterly comparable sales, sending shares down almost 6 percent
in premarket trading on Wednesday.
Sales at stores open at least for a year rose 1.9 percent,
below the 2.6 percent rise expected by analysts polled by
research firm Consensus Metrix.
Net income fell to $602 million, or 70 cents per share, in
the first quarter ended May 5, from $884 million, or 98 cents
per share, a year earlier.
Lowe's recorded a $464 million pre-tax loss on
extinguishment of debt in connection with its $1.6-billion cash
Net sales rose 10.7 percent to $16.86 billion.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Arun