Florida Virtual Houses

Lowe’s Gets Hammered

May 28th, 2008

Prominent home improvement chain Lowe’s sent imperfect numbers today, a 19% decline in earnings, same store sales were down 8%. The stock dangled 2%. It was already 30% off its peak from last year. A couple of interesting points were made about the housing market.

The company avers it monitors sales in what they study overpriced and not-overpriced puting up markets and the sales slow up down is now spreading from the already firmly scored states (Florida, California, Arizona, Nevada) to the other places that didn’t have Brobdingnagian home price consort ups such as the Midwest. In fact the few markets stock-still answering good let in oil-robust Texas and Oklahoma.

The company avered the difference in sales declines between the overpriced home markets and not-overpriced was worsening. Intending everybody’s geting along big. The company has been orienting its product fuse more toward home improvement projects that postulate relatively slight work. They have a unexampled carpet promotion, for example. Major define up projects like cabinetry are down.

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