Lowe's Companies Inc. (Mooresville, N.C.) earned $527 million during the first quarter of 2012, a 14.3 percent increase from the $461 million it earned during the same period last year, according to its latest financial report.
Lowe's Companies Inc. (Mooresville, N.C.) earned $527 million during the first quarter of 2012, a 14.3 percent increase from the $461 million it earned during the same period last year, according to its latest financial report.
The company posted $13.2 billion in sales during the latest first quarter, up 7.9 percent from $12.2 billion during the first quarter of 2012. The company's comparable-store sales for the quarter increased 2.6 percent, while comparable store sales for the U.S. business increased 2.7 percent.
"We delivered solid results for the quarter, consistent with our expectation at the beginning of the year," said Robert Niblock, Lowe's chairman, president and CEO. "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 …"
Lowe's also updated its outlook for 2012:
- Total sales are expected to increase approximately 3 percent.
- The company expects comparable store sales to increase 1 to 3 percent.
- The company expects to open approximately 10 stores in fiscal year 2012.