Lowe’s Q1 Profit Drops 32 Percent

Lowe’s reported a first quarter 2017 profit of $602 million, a 31.9 percent decrease compared with its profit of $884 million in the first quarter of 2016, according to its filing with the SEC.

The results include a $464 million pre-tax loss as part of $1.6 billion cash tender offer to extinguish debt.

The company had first quarter sales of $16.86 billion, a 10.7 percent increase compared with 2016 first quarter sales of $15.23 billion. Comparable store sales increased 1.9 percent.

“A solid macroeconomic backdrop, combined with our project expertise, drove above-average performance in indoor projects,” said Robert Niblock, chairman, president and CEO, in a statement. “We also continued to advance our sales to Pro customers, delivering another quarter of comparable sales growth well above the company average.”

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