Lowe's Reports Higher Earnings on Lower Sales
Mooresville, NC, May 22, 2013 -- Home center Lowe's reported a 2.5% increase in first-quarter net earnings to $540 million, or $0.49 a share, from $527 million, or $0.43 a share, in the year-ago period.
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However, sales fell 0.5% to $13.1 billion from $13.2 billion, as the company said it was hurt by cool weather, which depressed sales of outdoor items.
"While overall performance in the month of March was particularly soft, April improved significantly and we have maintained that positive momentum through the first few weeks of May," said Robert A. Niblock, chairman and chief executive.