Lowe’s misses quarterly same-store sales estimates

Lowe’s misses quarterly same-store sales estimates

FILE PHOTO: A Lowe’s retail store is shown in Carlsbad, California, U.S., May 24, 2017. REUTERS/Mike Blake

(Reuters) – Lowe’s Cos Inc (LOW.N) missed quarterly same-store sales estimates on Wednesday, as the home improvement chain faced intense competition from Home Depot Inc (HD.N).

The company’s same-store sales rose 2.2% in the third quarter ended Nov. 1, below expectations of a 3.1% increase, according to IBES data from Refinitiv.

However, the company raised its 2019 adjusted earnings forecast to $5.63 to $5.70 per share, from prior expectations of$5.45 to $5.65 per share.

Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila

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