Investing.com -- Lowe’s (NYSE:LOW) has reported a decline in second-quarter earnings per share and net sales that narrowly missed estimates, as the home improvement chain was hit by lower demand for nonessential items and lumber price deflation.
Diluted income per share fell to $4.56 during the three months ended on August 4, compared to $4.67 in the same period last year. Net sales, meanwhile, dropped by 9.2% to $24.96 billion, just below Bloomberg consensus projections of $25.02B.
But the DIY chain backed its full-year financial outlook in the wake of what the company described as a "spring recovery" marked by growth in online sales.