Lowe’s reports Q1 results
ABJ - June 8 - Lowe’s Companies, Inc., the world’s second largest home improvement retailer, has reported net earnings of $527 million for its first quarter of 2012, a 14.3 per cent increase over the same period a year ago.
Diluted earnings per share increased 26.5 per cent to 43 cents, up from 34 cents in the first quarter of 2011. Sales for the quarter increased 7.9 per cent to $13.2 billion, up from $12.2 billion in the first quarter of 2011.
Included in the reported results is a charge related to a previously announced reduction in staff at U.S. headquarters. This charge reduced pre-tax earnings for the first quarter by $17 million and diluted earnings per share by one cent.
Comparable store sales for the quarter increased 2.6 per cent, while comparable store sales for the U.S. business increased 2.7 per cent.
“We delivered solid results for the quarter, consistent with our expectation at the beginning of the year,” said Robert Niblock, Chairman, President and CEO, Lowe’s. “While we capitalized on better than anticipated weather during most of the quarter, demand for seasonal products slowed toward the end.
“We continue to maintain a cautious view of the housing and macro demand environment, and are focused on what we can control. We are building on our core strengths and strategically investing in ways that will better position Lowe’s for success. I would like to express my gratitude to our employees for their continued dedication and customer focus.”