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Unseasonable Weather Chills Lowe’s Q1

In the quarter ended May 3, the Lowe’s Cos., Inc. generated net earnings of $540 million, or 49 cents per diluted share, versus $527 million, or 43 cents per diluted share, in the year-prior period, the company reported. Comparable store sales for the quarter decreased 0.7% compared with the period a year ago.

A decrease in comp transactions drove down the overall comparable store sales metric, the company said in a conference call. A Thomson Reuters consensus analyst estimate called for 51 cents in diluted earnings per share.

Sales for the quarter decreased 0.5% to $13.1 billion, according to the company.

“Results for indoor categories were solid for the quarter, a testament to the team’s continued focus on improving our core business through cross-functional collaboration and consistent execution in stores and across other selling channels,” Robert Niblock, Lowe’s chairman, president and CEO, said in comments on the results. “Cooler than normal temperatures and greater precipitation resulted in a delayed spring selling season, which impacted our results in exterior categories. 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.”

As of May 3, Lowe’s operated 1,755 stores in the United States, Canada and Mexico, the company noted.