Lowe's earned $461 million, or 34 cents a share, vs. year-earlier earnings of $489 million, or 34 cents.
Sales dropped 1.6% to $12.2 billion. Comparable-store sales declined 3.3%.
Analysts surveyed by Thomson Reuters were expecting Lowe's to report first-quarter profit of 36 cents a share on revenue of $12.54 billion.Lowe's said its first quarter was impacted by "ongoing economic pressures, unfavorable weather conditions and tough comparisons to last year's government stimulus programs." The company reduced its forecast for the full year saying it now expects earnings of $1.56 to $1.64 a share on a revenue increase of about 4%. Lowe's previously expected earnings of $1.60 to $1.72 a share on a revenue increase of 5%. Comparable-store sales for the year will be flat to up 1%, Lowe's said. Analysts forecast full-year earnings of $1.70 a share on revenue of $50.9 billion. -- Written by Joseph Woelfel
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