The Variant

The world through one photographer’s eyes

Lowe’s Earnings Slide

Posted by texasdirt on May 24, 2008

On My 19th BusinessWeek Magazine reported that Lowe’s Home Improvement Centers is expected to report a first quarter earnings loss of 16% from last year. A day later Home Depot reported a slide of 30% from last year.

First quarter profits are down fo both chains. Lowe’s is down 18% and Home Depot is down 64%.

Frank Blake, Home Depot CEO, when asked when the housing market will hit bottom, replied with a grin, “August 8th” when asked what year, he changed the subject.

Glad I work at Lowe’s!

This, even though is bad news for those who own stock is good news for me and other Lowe’s employees who participate in the Employee Stock Purchase Plan (ESPP). Every paycheck we have a percentage of our pay put into a e-trade account and every 6 months they buy shares of Lowe’s Stock with the money we have saved. The buy is scheduled for May 31, so I am glad to see the stock slip a little so we get to buy low. The purchase is done with a 15% discount also. So on June 1st we could sell our shares at a profit..if we wanted to. I usally try to wait till the stock climbs a bit first.

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