Lowe's (LOW) Q2 Same-Store Sales Rose 0.2%, Misses Expectations; Raises Quarterly Dividend by 4% to $1.25/Share
Lowe's Companies (NYSE: LOW) reported its fiscal second-quarter results, with same-store sales growing a scant 0.2%, largely due to macroeconomic pressures affecting do-it-yourself homeowners. Management now anticipates flat same-store sales for the full year, down from its previous expectation of 0% to 2%. Despite weak sales, the company increased its quarterly dividend by more than 4% to $1.25 per share, marking over a quarter-century of annual payout raises. As of August 21, Lowe's stock had lost 10.4% this year, underperforming the S&P 500, but its price-to-earnings (P/E) ratio has dropped from 20 to 18, making its valuation more attractive.
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