Lowe’s on Tuesday reported first-quarter net sales of $22.3 billion. Comp sales for the quarter fell 4.3% from last year due to lumber deflation, unfavorable weather and lower DIY discretionary sales.
Operating income was $3.3 billion, almost flat from last year, while net earnings for the quarter ending May 5 fell to $2.26 billion, down from $2.33 billion last year.
Although the company’s performance exceeded analyst expectations, Lowe’s lowered its full-year sales forecast. The company now expects total sales of $87 billion to $89 billion, down from previous guidance of $88 billion to $90 billion, and a comp sales decline of 2% to 4%. Lowe’s had previously expected comp sales would be flat to a 2% decline.RetailDive