Strategy

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%.

NEW YORK — The Deloitte Consumer Spending Index, which tracks consumer cash flow as an indicator of future consumer spending, fell to 3.16% from an upwardly revised gain of 3.78% a month ago.

The index showed the largest single month decline since November 2007.

Deloitte said that the index, which is comprised of four components — including tax burden, initial unemployment claims, real wages and real home prices — saw a drop due to "a sharp deterioration in real wages coupled with a rise in jobless claims."

Newport Beach, Calif. -- JustEnough Software Corp., a provider of demand management solutions, announced that ABC Fine Wine & Spirits has successfully gone live with its allocation and replenishment solutions. The technologies were selected to replace the retailer’s existing allocation system.

PLANO, Texas — JCPenney posted first-quarter net income and comparable-store sales growth thanks to strong growth in key categories and better management of expenses. 

PHILADELPHIA — Urban Outfitters announced net income of $39 million, or earnings per diluted share of 23 cents for the first quarter ended April 30, compared with net income of $53 million, or earnings per diluted share of 31 cents.

Total company net sales rose by 9% over the same quarter last year to $524 million. Comparable retail segment net sales, which includes direct-to-consumer channels, decreased 1% for the quarter while comparable store net sales decreased 5% for the quarter. 

Seattle -- Nordstrom reported Thursday that its first-quarter net income rose 25% on improved revenue. But the company lowered its full-year outlook to reflect the impact of its acquisition of private-sale website HauteLook.

Nordstrom said it earned $145 million for the quarter that ended April 30, up from $116 million in the same quarter last year. (The figure includes a charge related to the HauteLook acquisition.) Revenue increased 12% to $2.23 billion. Same-store sales were up 6.5%.

Irving, Texas -- Michaels said on Friday it has removed the PIN pad tampering threat from its U.S. stores and believes it has identified the time frame that customer information was exposed. Based on the latest information available, exposed PIN pad transactions occurred from Feb. 8 through May 6, the date Michaels disabled the tampered devices.

New York City -- Smith’s Food & Drug Stores, a division of Kroger Co., has been recognized by the Utah Association of Energy Users as a leader in conservation and energy-use efficiency, The Salt Lake Tribune reported.

The chain, which received the “Outstanding Leadership in Energy Efficiency and Conservation” award on Wednesday at the 26th Annual Western States Energy Conference in Salt Lake City, was recognized for retrofitting its 132 stores in seven states with more efficient energy systems.