Monday, November 17, 2008

Lowe's: "decline in sales trends" in November

by Bill McBride on 11/17/2008 08:39:00 AM

Press Release:

"We expect continued, broad-based external pressures on our industry, as rising unemployment, falling home prices, tight credit and volatile equity markets continue to erode consumer confidence and impact sales," [Robert A. Niblock, Lowe's chairman and CEO said]. "While falling energy prices and initial signs of stabilization in housing turnover should aid the consumer, we saw a decline in sales trends in the last week of October that continued into November as the overall economic outlook deteriorated. In light of the difficult environment, we remain cautious in the near term and focused on providing great service to customers, increasing market share, controlling expenses, and appropriately managing capital expenditures to drive long-term returns for shareholders."
emphasis added