Retailer Lowe’s Cos reported a 17.9% drop in first-quarter earnings and lowered its guidance for the year. Lowe’s said it earned $607 million, or $0.41 per share, in the three months ended May 2. That is down from $739 million, or $0.48 per share, in the first quarter of 2007. Revenue slipped to $12.0 billion from $12.2 billion a year ago. Comparable-store sales declined 8%. The company predicted that number would drop at least 6% in the current quarter and the year.
to Daily News