Lowe’s builds earnings, sales in Q1; plans 15 new stores

Mooresville, N.C. – Lowe’s Companies Inc. had a generally successful first quarter fiscal 2014 with earnings and sales both rising from the same period a year earlier, although sales missed Wall Street estimates. Net earnings rose 16% to $624 million from $540 million, while net sales increased 2% to $13.4 million from $13.1 million and same-store sales climbed 0.9%.

Lowe’s plans to open about 10 new home improvement stores and five new hardware stores during fiscal 2014. The retailer attributed lower-than-expected sales to a severe winter that delayed the start of the spring selling season.

Looking ahead, Lowe’s expects to report a 5% sales increase and 4% same-store sales increase for the full fiscal year.

"We executed well during the quarter, despite an unexpectedly prolonged winter in many areas of the country," said Robert A. Niblock, Lowe's chairman, president and CEO. "While poor weather dampened traffic and negatively impacted performance of exterior categories, results for indoor categories were solid. We effectively aligned inventory, staffing and marketing resources by climatic zone to best serve customers' needs.”

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