Lowe’s Companies reported stronger-than-expected first-quarter results, with sales and earnings topping Wall Street estimates as the retailer continued to see gains in pro customers, appliances and online demand.
The company posted net income of $1.63 billion, or $2.90 per share, for the quarter ended May 1, compared with $1.64 billion, or $2.92 per share, a year earlier.
Adjusted earnings per share came in at $3.03 after excluding one-off items such as acquisition-related costs, ahead of analyst expectations of $2.76 per share.
Revenue increased 10.3% year over year to $23.08 billion from $20.9 billion, surpassing analysts’ forecasts of $22.97 billion.
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Comparable sales edged up 0.6%, supported by spring seasonal demand, a 15.5% increase in online sales and continued strength across appliances, home services and pro sales, the retailer said.
“Strong spring execution and continued momentum in pro, appliances, online, and home services supported a solid start to the year as we delivered our fourth consecutive quarter of positive comp sales,” said Marvin R. Ellison.
“In spite of a challenging housing macro, we remain focused on advancing our Total Home strategy to provide the best experience for our customer. I’d also like to thank our associates for their dedication to serving our customers throughout the busy spring season.”
Lowe’s maintained its full-year outlook, forecasting total sales between $92 billion and $94 billion, representing growth of between 7% and 9% year over year.
The company also expects comparable sales to range from flat to up 2% for the full year.
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