Lowe's 1Q profit rises, chilly spring hurts sales

Lowe's 1st-quarter profit climbs even as a cold spring dampens sales a bit

Associated Press

MOORESVILLE, N.C. (AP) -- Lowe's first-quarter net income rose almost 3 percent, even as a wet and cool spring dampened sales of gardening products.

Spring is the biggest season for home improvement retailers. While the weather was chilly in the quarter, the improving housing market has helped such businesses.

Lowe's Cos. earned $540 million, or 49 cents per share, for the period ended May 3. That compares with $527 million, or 43 cents per share, a year ago.

Analysts expected earnings of 51 cents per share for the world's second-biggest home improvement retailer.

Revenue for the Mooresville, N.C., company dipped to $13.09 billion from $13.15 billion. Wall Street predicted $13.45 billion.

Lowe's maintained its fiscal 2013 forecasts Wednesday.

The chain's quarterly report comes one day after Home Depot Inc.'s first-quarter results topped Wall Street's view and it raised its full-year outlook.

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