Lowe's Q1 profit dips to $478m

Lowe’s net profit fell to $476 million for the first quarter ended May 1 from $607 million a year earlier. Analysts, on average, had expected a profit of 25 cents per share, according to Reuters Estimates.
Sales at the second-largest home improvement retailer fell 1.5 per cent to $11.83 billion. For the full year ending January 29, Lowe’s said it now expects to earn $1.13 per share to $1.25 per share. It had previously expected earnings of $1.04 per share to $1.20 per share.

Analysts have looked for Lowe’s to earn $1.11 per share. It also expects to earn 51 to 55 cents per share for the second quarter ending July 31 on a sales decline of 2 per cent to an increase of 1 per cent.