Get Lowe''s Companies, Inc. Reportshares were modestly lower after the home improvement chain reported fiscal-first-quarter net income exceeded analyst expectations, while total revenue lag.
In a statement, sales in the quarter "were in line with our expectations, excluding our outdoor seasonal categories." Unseasonably cold weather in April had been affected, according to Chairman, President, and Chief Executive Marvin Ellison.
"Now that the spring has arrived, we are pleased with the improved sales trends we anticipate in May."
The Mooresville, N.C., chain earned $3.51 a share for the quarter ended April 29, compared to $3.21 a share for the year-earlier quarter. Net sales slowed to $23.66 billion from $24.42 billion.
FactSet conducted a survey of analysts and obtained consensus estimates of earnings of $3.22 a share on $23.76 billion.
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Comparable sales have slowed by 4%. The FactSet survey had found a 2.2 percent decline.
Lowe''s stock was trading off 2.1 percent at the time of its 52-week low, according to estimates.
Get Home Depot, Inc. reported strong-than-expected first-quarter earnings on Tuesday morning and improved its full-year profit forecast amid a still-elevated domestic housing market.
Lowe''s predicted a profit of $13.10 to $13.60 per share on revenue of $97 billion to $99 billion. A 53rd week in the current fiscal year should add $1 billion to $1.5 billion to total sales.
The FactSet survey for the fiscal year is seeking results of $13.34 a share on $98.11 billion.