Lowe’s Cos. Inc. shares were falling more than 5% in Tuesday’s premarket trading after the home-improvement company trimmed its full-year outlook and called out pressure on discretionary spending.
Total sales for the fiscal third quarter fell to $20.5 billion from $23.5 billion, whereas the FactSet consensus was for $20.9 billion. Comparable sales fell 7.4%, which Lowe’s LOW attributed to a pullback in do-it-yourself discretionary spending. Analysts had been modeling a 5.4% drop.
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