Lowe's reports sales and earnings growth
Mooresville, North Carolina-based Lowe’s Companies reported net earnings of $673 million for the quarter ended May 1, 2015, a 7.8% increase over the same period a year ago.
Sales for the first quarter increased 5.4% to $14.1 billion.
Total company comparable sales for the quarter increased 5.2%. Comparable sales for the U.S. home improvement business increased 5.3%.
“I am pleased that we executed well and delivered another strong quarter,” said Robert A. Niblock, Lowe’s chairman, president and CEO. “We generated comparable sales growth in all regions of the country and across all product categories, driving strong earnings per share growth."
For the full fiscal year, total sales are expected to increase 4.5% to 5.0%, with comparable-store sales expected to increase in the range of 4.0% to 4.5%.
Lowe's expects to open a total of 15 to 20 home improvement and hardware stores this year.
As of May 1, 2015, Lowe’s operated 1,843 home improvement and hardware stores in the United States, Canada and Mexico, representing 201.2 million sq. ft. of retail selling space.
Lowe's earnings followed its rival Home Depot's earnings report by about 24 hours. See highlights of Home Depot's Q1 performance here.