1 Min Read
May 24 (Reuters) - 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 tender offer.
Net sales rose 10.7 percent to $16.86 billion.
Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Arun Koyyur