Lowe’s first quarter sales were up double-digits, but the home improvement retailer reported declines in net earnings and earnings per share.
For the period ended May 5, sales for the first quarter increased 10.7% to $16.9 billion from $15.2 billion in the first quarter of 2016. Comparable sales for its U.S. business increased 2%.
Net earnings for the quarter were $602 million and diluted earnings per share of $0.70 for the quarter ended May 5, 2017, compared to net earnings of $884 million and diluted earnings per share of $0.98 in the first quarter of 2016.
“A solid macroeconomic backdrop, combined with our project expertise, drove above average performance in indoor projects. We also continued to advance our sales to pro customers, delivering another quarter of comparable sales growth well above the company average,” said Robert Niblock, Lowe’s chairman, president and CEO.
