Lowe’s weak quarter stands in stark contrast to retail rival

NEW YORK

A hefty charge cut into first-quarter sales at Lowe’s and investors were unimpressed by the retailer’s profit, sending shares down sharply in early trading.

The contrast was even more stark for Wall Street, given the upward trajectory of Lowe’s rival, Home Depot Inc. Lowe’s shares slumped 7 per cent before the opening bell. Profit fell 32 per cent to $602 million, or 70 cents per share. Sales rose 10.7 per cent to $16.86 billion, which was also below Wall Street projections of $17.04 billion.