Lowe's Reports Higher Sales, Earnings

Mooresville, NC, May 21, 2012 -- Home center operator Lowe's Companies reported first quarter net earnings of $527 million, a 14.3% increase over the same period a year ago.

Earnings per share increased 26.5% to $0.43 from $0.34 in the first quarter of 2011.

Sales for the quarter increased 7.9% to $13.2 billion from $12.2 billion in the first quarter of 2011.

The period included an extra week.

The week shift aided the first quarter sales increase by $514 million or 4.2%, and contributed approximately $0.05 to the earnings per share growth.

Comparable store sales for the quarter increased 2.6%, while comparable store sales for the U.S. business increased 2.7%.