Lowe’s Q1 profit, sales up but miss Street

Mooresville, N.C. -- Lowe's Companies reported an increase in profit and sales in the first quarter but its performance in both metrics fell short of Wall Street estimates. The home furnishings retailer reported its results a day after rival Home Depot reported earnings and revenue that topped estimates.



Lowe’s net income increased 7.8% to $673 million in the quarter ended May 1, from $624 million a year earlier.



Net sales rose 5.4% to $14.13 billion. Total same-store sales were up 5.2%.



“I am pleased that we executed well and delivered another strong quarter,” said Robert A. Niblock, Lowe’s chairman, president and CEO. “We generated comparable sales growth in all regions of the country and across all product categories, driving strong earnings per share growth."