Lowe's (NYSE:LOW) feeling the heat of the U.S. economy after posting lower quarterly results. The home improvement retailer reported an EPS of 64 cents, below the 70 cents analysts were expecting. Revenue for the quarter fell 2% to $14.25 billion, also lower than the average estimate of $14.46 billion.
Some analysts believe Lowe's decision to offer fewer discounts on some of its expensive products have driven some customers away, explaining the decrease in earnings. The company also saw sales drop 0.4%, making this the 13th straight quarter it has lost to its rival Home Depot.
Currently, Lowe's stock is trading 4% lower to $26.76.