Lowe's, J.C. Penney Add to Retail Woes
Home-improvement chain Lowe's and department store J.C. Penney this morning joined the long list of retailers to report poor fourth-quarter earnings.
Lowe's said its fourth-quarter earnings were down 60 percent compared with the same period last year and issued 2009 guidance that disappointed analysts.
Lowe's, like larger rival Home Depot, is being hurt as homeowners put off renovations and builders stop building.
Also today, J.C. Penney reported a 51 percent plunge in fourth-quarter profit, as shoppers cut back on non-necessities and reduced their holiday spending.
Penney also projected a wider first-quarter loss than was expected.
February 20, 2009; 10:50 AM ET
Categories: The Ticker | Tags: J.C. Penney, Lowe's, Retail
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