Lowe's Companies Inc. LOW, +0.02% reported a loss for the fourth quarter as the company recorded $1.6 billion in charges before tax.
Lowe's Companies Inc. LOW, +0.02% reported a loss for the fourth quarter as the company recorded $1.6 billion in charges before tax. The company reported a net loss of $824 million, compared with a profit of $554 million for the comparable quarter a year prior. The company said it had a net loss of $1.03 a share, compared with a profit of 67 cents a share. Analysts polled by Refinitiv were expecting a profit of 35 cents a share. The company's results included $1.
Analysts were expecting $15.74 billion. Comparable sales rose 1.7%. Analysts polled by Consensus Metrix were expecting them to rise 1.9%. Chief Executive Marvin Ellison said in prepared remarks that "U.S. macroeconomic fundamentals remain sound for 2019" but said "we anticipate continued weakness in the Canadian housing market in the near-term." Lowe's said it expects comparable sales to increase by about 3% in the 2019 fiscal year.
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