Lowe’s CEO Impact Of Housing Market

Lowe’s Chairman and Chief Executive Robert Niblock said Tuesday he shares concerns about the broader potential effects from housing market weakness and tighter credit, even though most of the hits to Lowe’s so far have been regional.

“We share the concern that a severe contraction and the availability of consumer credit has the ability to affect home-improvement consumers on a national scale,” Niblock said during an analyst meeting that was broadcast on the Internet. But as executives monitor current performance, he said, “We see profoundly disproportionate impacts in those areas most stretched” by housing market troubles.

Late Monday, Lowe’s cut its estimate for September same-store sales and said it sees earnings for its fiscal year coming in at the low end of its estimated range. Shares of Lowe’s fell 5.3% to $29 in pre-market trading Tuesday.