Lowe's Weathers Stormy First Quarter in Tough Slog For Retail

Lowe's was yet another retailer burdened by the storm clouds that hung over the sector this quarter. The home improvement chain recorded earnings of $0.58 cents a share over the quarter, $0.02 cents short of analysts' estimates. Meanwhile, revenue came in at $13.4 billion, 2 percent higher than a year earlier but was still lower than forecasts. Comparable-store sales were up only 0.9 percent, fairly weak against rival Home Depot which scored a 2.6 percent comparable sales gain over the period. Lowe's sees improvement over the remainder of the year though, noting that sales in May have picked up. Management increased full-year earnings guidance to $2.63 a share from a previous $2.60.