Customers' scrimping takes a toll on Lowe's

The company has its fourth straight drop in quarterly earnings, and more are likely. By Jen Aronoff jaronoff@charlotteobserver.com Posted: Tuesday, Aug. 19, 2008 Lowe's reported its fourth straight quarterly earnings decline Monday amid continued doldrums in the housing market. And the news came with a message: Don't expect this to be the end of it. Though the Mooresville-based retailer announced better-than-expected second-quarter profits, company officials are projecting soft sales for the rest of the year. In an interview, chairman and CEO Robert Niblock said he doesn't expect the housing market to turn around until about the middle of next year. Additional bad news in the credit markets could delay that, though, as could continued high food and gas prices and mounting unemployment, which leave less money for homes. “At... [read full story]