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Mooresville, N.C. -- Lowe's Cos. said Monday its first-quarter profit fell 6%, due in part by bad weather and difficult economic conditions. The chain cut its full-year outlook.
Lowe's reported net income of $461 million for the three months ended April 29, down from $489 million a year earlier. Its results missed estimates. Revenue fell 2% to $12.19 billion. Same-store sales were down 3.3%.
Heavy rain and severe conditions, including reports of 875 tornadoes, characterized April’s weather, cut into home improvement work in some parts of the country. It was the tenth wettest April since 1895.
“During the quarter, we faced ongoing economic pressures, unfavorable weather conditions and tough comparisons to last year’s government stimulus programs,” said chairman and CEO Robert Niblock said in a statement. “While we are focused on competing effectively in the current environment, we are also working diligently on our commitment to deliver better customer experiences,” Niblock said. “We are building momentum in 2011 behind our transformation from a home-improvement retailer to a home improvement company.”