On Wednesday, Lowe's badly whiffed on earnings, reporting first quarter results of $1.03 a share compared to Wall Street forecasts for $1.06 a share. Total sales of $16.9 billion came in line with analyst estimates. But, same-store sales, a key retail metric that measures sales from stores open longer than a year, rose 1.9% vs. estimates for a 2.6% increase. The company reiterated its full year sales and earnings outlooks, excluding one-time items.
Shares dived as much as 5.9% in early trading.