by Calculated Risk on 5/19/2008 09:53:00 AM

From the WSJ: Lowe's Posts 18% Fall in Net, Lowers Earnings Outlook

Lowe's Cos. reported an 18% drop in fiscal first-quarter net income and lowered its outlook for the year ...

Looking forward, the ... company lowered its guidance ... with same-store sales expected to fall 6% to 7%.

Chairman and Chief Executive Robert A. Niblock said consumer confidence slipped during the latest quarter and discretionary home purchases were called back, reflecting "the generally poor economic outlook" due to housing pressures, rising food and fuel prices and "a more negative employment picture."

Based on previous housing downturns, there is much more pain to come for the home improvement bust. For a couple of historical charts on home improvement spending, see More on Home Improvement Investment.