Lowe's boosts 1Q earnings, cuts fiscal year outlook
Home & Textiles Today Staff -- Home Textiles Today, May 21, 2012
Mooresville, N.C. - Lowe's generated a 14.3% in net earnings to $527 million, or 43 cents per share. However, uncertainty in the housing market prompted the home improvement retailer to rein in its fiscal year outlook.
First quarter sales rose 7.9% to $13.2 billion. Comps increased 2.6%, with U.S. comps up 2.7%.
"We continue to maintain a cautious view of the housing and macro demand environment, and are focused on what we can control," said Robert Niblock, Lowe's chairman, president and ceo.
For the current fiscal year - a 52-week year compared to last year's 53-week year - Sales are expected to increase 1% to 2%, with diluted EPS of $1.73-$1.83. Previously, Lowe's had expected EPS of $1.75 to $1.85.
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