Lowe's Reports Loss, Takes $1.6 Billion in Charges Before Tax
February 27 2019 - 6:51AM
Dow Jones News
By Allison Prang
Lowe's Companies Inc. (LOW) reported a loss for the fourth
quarter as the company recorded $1.6 billion in charges before
tax.
The company reported a net loss of $824 million, compared with a
profit of $554 million for the comparable quarter a year prior. The
company said it had a net loss of $1.03 a share, compared with a
profit of 67 cents a share. Analysts polled by Refinitiv were
expecting a profit of 35 cents a share.
The company's results included $1.6 billion in charges before
tax. Lowe's said $952 million of that was from a goodwill
impairment charge Lowe's took related to its operations in
Canada.
Lowe's said adjusted earnings were 80 cents share, up from 74
cents a share. Analysts were expecting 79 cents a share.
Net sales rose 1% to $15.65 billion. Analysts were expecting
$15.74 billion.
Comparable sales rose 1.7%. Analysts polled by Consensus Metrix
were expecting them to rise 1.9%.
Chief Executive Marvin Ellison said in prepared remarks that
"U.S. macroeconomic fundamentals remain sound for 2019" but said
"we anticipate continued weakness in the Canadian housing market in
the near-term."
Lowe's said it expects comparable sales to increase by about 3%
in the 2019 fiscal year. The company expects about a 2% increase in
total sales.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
February 27, 2019 06:36 ET (11:36 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Lowes Companies (NYSE:LOW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lowes Companies (NYSE:LOW)
Historical Stock Chart
From Apr 2023 to Apr 2024
