Lowe’s cuts full-year profit forecast on higher costs

May 22, 2019

(Reuters) – Home improvement chain Lowe’s Cos Inc cut its full-year profit forecast on Wednesday, as higher costs dented margins in the first quarter.

Lowe’s now expects 2019 earnings of $5.54 to $5.74 per share, down from a prior forecast of $6 to $6.10.

The company’s same-store sale rose 3.5% in the first quarter ended May 3, above expectations of a 3.15% increase, according to IBES data from Refinitiv.

(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)

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