Lowe's Cos.' (LOW) fiscal fourth-quarter earnings slid to $408 million, or 28 cents a share, from $613 million, or 40 cents, a year earlier, hurt in part by declines in the housing market. A Thomson Financial survey of analysts, on average, projected earnings of 25 cents a share for the quarter. Analysts' estimates usually exclude one-time items.
The company expects first quarter total sales to rise about 2% on earnings of about 38 cents to 42 cents a share. Lowe's said the "next several quarters will be challenging on many fronts as industry sales are likely to remain soft."
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