Slow Housing Market Hurting Lowes and Home Depot
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The combination of high energy prices, slow housing sales, and tight credit has created a problem for the two large home supply companies, Home Depot and Lowe’s. Sales are expected to be lower when they report next week.
Analysts are still predicting the companies to be profitable, but those profits will much lower than last year.
“Extra dollars in the consumer’s pocket allowed them to pursue ‘nesting’ activities, such as planting and small, maintenance-oriented do-it-yourself projects,” said Jefferies & Co. analyst Dan Binder.
Reiterating the theme throughout the retail industry against an uncertain sales environment, both companies are expected to say they are watching their expenses and inventory tightly.
Lowe’s is scheduled to report on Monday while Home Depot, part of the Dow Jones Industrial Average, is expected to report on Tuesday. via MarketWatch
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