Lowe's quarterly earnings fall

MOORESVILLE, N.C. Lowe's reported first quarter earnings $607, a 17.9% decline versus the same period a year ago. Diluted earnings per share declined 14.6% to 41 cents from 48 cents in the first quarter of 2007.

Sales for the quarter declined 1.3% to $12 billion, down from $12.2 billion in the first quarter of 2007. Comparable-store sales for the first quarter declined 8.4%.

"The challenging sales environment we have been experiencing for the past six quarters continued into the first quarter of 2008, and increasing financial pressures on consumers resulted in top-line sales that fell below our plan," commented Robert Niblock, Lowe's chairman and ceo. "The generally poor economic outlook, including well-known housing pressures, rising food and fuel prices and a more negative employment picture eroded consumer confidence and impacted discretionary purchases for the home.

For the second quarter of 2008, Lowe's expects total sales to increase approximately 1% over the same period last year. The company expects a comparable-store sales decline of 6% to 8%. Lowe's expects diluted earnings per share between 54 cents and 59 cents.