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Lowe’s Reports Higher Q1 Net Earnings, Flat Sales

Mooresville, N.C. — Lowe’s reported higher net earnings on relatively flat sales in its fiscal first quarter, ended May 3.

Net earnings were $540 million for the quarter, a 2.5 percent increase over the same period a year ago. Sales for the quarter decreased 0.5 percent to $13.1 billion, from $13.2 billion in the first quarter of 2012, while comparable sales for the quarter decreased 0.7 percent.

“Results for indoor categories were solid for the quarter, a testament to the team’s continued focus on improving our core business through cross-functional collaboration and consistent execution in stores and across other selling channels,” commented Robert A. Niblock, Lowe’s chairman, president and CEO.

“Cooler than normal temperatures and greater precipitation resulted in a delayed spring selling season, which impacted our results in exterior categories,” Niblock added. “While overall performance in the month of March was particularly soft, April improved significantly, and we have maintained that positive momentum through the first few weeks of May.”

As of May 3, Lowe’s operated 1,755 stores in the United States, Canada and Mexico, representing 197.5 million square feet of retail selling space.