Slowing demand at the tail-end of its first quarter led home improvement chain Lowe?s Companies Inc. (NYSE:LOW) to cut its full-year outlook, though profits were higher than the previous year and beat analysts? estimates.
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Net earnings rose to $527 million (43 cents a share) from $461 million (34 cents a share) in the year-ago period. Excluding items, earnings were 44 cents a share, whereas analysts expected 42 cents. Sales were up 7.9 percent to $13.15 billion, marginally higher than $12.99 billion forecast by Wall Street.
The chain, which operates 1,747 stores in the U.S., Canada, and Mexico, changed its store strategy, moving away from promotions to everyday low prices, and improved its targeting of products. It also revamped its website, signage, and technology.
?While we capitalized on better-than-anticipated weather during most of the quarter, demand for seasonal products slowed toward the end,? Lowe?s Chief Executive Officer Robert Niblock said in a statement on Monday. ?We continue to maintain a cautious view of the housing and macro demand environment, and are focused on what we can control.?
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