Home improvement retailer Lowe's Companies, Inc. (LOW) Wednesday reported a higher first-quarter profit, despite a decline in sales due to cold weather. The company said it experienced significant improvement in overall performance in April, and has maintained the positive momentum through the first few weeks of May.
Robert Niblock, chairman, president and CEO of the firm stated, "Cooler than normal temperatures and greater precipitation resulted in a delayed spring selling season which impacted our results in exterior categories." According to the firm, results for indoor categories were solid for the quarter.
In the first quarter, the company's net earnings increased to $540 million or $0.49 per share from $527 million or $0.43 per share in the same quarter last year.
On average, 26 analysts polled by Thomson Reuters expected the company to earn $0.51 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter decreased 0.5 percent to $13.09 billion and came in below analysts' estimate of $13.46 billion. Comparable sales were down 0.7 percent.
Total expenses were $3.69 billion, lower than $3.71 billion a year ago.
For the fiscal year ending January 31, 2014, the company still expects earnings per share of about $2.05, on total sales increase of about 4 percent. Analysts expect the company to report earnings of $2.08 per share, on revenues of $52.38 billion for the year.
Comparable sales are expected to increase about 3.5 percent.
As of May 3, 2013, Lowe's operated 1,755 stores in the U.S., Canada and Mexico, representing 197.5 million square feet of retail selling space. The company expects to open about 10 stores in fiscal year 2013.
Home Depot, Inc. (HD) Tuesday reported a higher first-quarter profit that was benefited from a recovering housing market. Net sales grew 7 percent and surpassed analysts' expectations. The company also lifted its outlook for fiscal 2013.
LOW closed Tuesday's regular trading at $42.45 on the NYSE. In the pre-market activity, the shares are currently down 1.11 percent.
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