The Globe and Mail reports in its Thursday edition that Lowe's Cos. Inc. is blaming its lowered earnings outlook for 2016 on the acquisition of Rona, but says it is on track to double the Canadian chain's profitability within five years. A Canadian Press dispatch to The Globe says that the U.S. retailer trimmed its full-year profit estimate since May by 1.2 per cent to $4.06 (U.S.) a share, despite saying it expects to benefit from growing U.S. consumer spending spurred by rising incomes and home values. Sales for the 12 months ended Feb. 3, 2017, are expected to be higher, growing by 10 per cent, including 4 per cent from Rona. "The only changes to our outlook are related to Rona," Lowe's chief financial officer Bob Hull said Wednesday during a second-quarter conference call. Rona's profitability as a per cent of sales lags Lowe's but the company said it expects that "will improve over time." Lowe's also said Rona's operating results will more than offset acquisition and integration costs, and are expected to be "modestly" positive for the year. Despite increased revenue coming mainly from five weeks of contribution from Rona, Lowe's second-quarter profit fell short of most expectations.