This week: Target and Lowe’s report earnings, Census Bureau releases new home sales data
A look at some of the key business events and economic indicators upcoming this week.
Lowe’s earnings
On Tuesday, hardware store chain Lowe’s reports its most recent quarterly results.
Analysts forecast that North Carolina-based Lowe’s earnings fell to $3.96 per share on $23.9 billion in sales in its second quarter. With a housing market mired in a years-long slump due to higher mortgage rates, fewer people are looking to renovate their homes.
On Target?
Minneapolis-based retailer Target offers up its second-quarter earnings report on Wednesday.
Last quarter Target’s revenue fell as higher prices on essentials had shoppers spending less. It posted its fourth straight quarter of declines in comparable sales — those from stores or digital channels operating at least 12 months. Analysts expect Target to post profit of $2.19 per share on sales of $25.2 billion.
Housing barometer
The Census Bureau releases its July count of new home sales Friday.
In June, sales of new homes fell 7.4% from a year ago. That followed a more than 16% year-over-year decline in May. The recent slowdown marks a shift from last year, when sales rose nationally for the first time in two years, climbing 4.2%. Though interest rates have retreated in recent weeks, they’ve mostly hovered around 7%, discouraging many home shoppers.
New home sales, seasonally adjusted annual rate, by month:
Feb.: 643,000
March: 683,000
April: 730,000
May: 621,000
June: 617,000
July (est.): 633,000
Source: FactSet
By The Associated Press
