Lowe's earnings rise 20% on boosted sales
WILKESBORO, N.C. -- The fiscal first-quarter profit of Lowe's Co. rose an unexpectedly robust 20% as the home-improvement retailer controlled costs and increased sales.
Net income rose to $225.3 million, or 58 cents a share, from $187.1 million, or 49 cents, a year earlier, Lowe's said. Sales in the quarter ended May 4 rose 18% to $5.28 billion, helped by new stores and an extra week in the quarter.
The company sold more flooring, plumbing fixtures and electrical supplies, which generate higher profit than other products, analysts said.
Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!