LOW Lowe's 2Q10 results; FBR Capital notes this morning co reported 2Q10 sales and EPS of $14.36B and $0.59 vs. consensus of $14.5B/$0.59. Same store sales of 1.6% compared with the Street printed est of 2.8% and mgmt guidance of 2-4%, although FBR believes that the equity market expectations were for flat to up 1%. EBIT margins expanded 20bps, and this was slightly below management guidance of 40bps. FBR notes that inventory improved within the quarter. On the flip side accounts payable leverage to inventory weakened yoy causing free cash flow to contract for the period.
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