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Lowe's Stumbles On Weaker Housing Market

May 22, 2007, 5:04 AM
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While Lowe's Cos. managed to boost sales 2.1%, to $12.2 billion, in the first quarter, the continued slump in the U.S. housing market pressured profits, with net earnings falling 12.1%, to $739 million.

While March results were solid, the company said cold and wet weather in the first two weeks in April-normally primetime in the home-improvement calendar-were weak. The company says it "continued to gain market share during the quarter despite the challenging sales environment."--Sarah Mahoney

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