Lowe's Reports Higher Profit, Sales
22 May 2019 - 9:00PM
Dow Jones News
By Kimberly Chin
Lowe's Cos. (LOW) said profit rose 5.9% for the first quarter as
the company had lower expenses and taxes compared with the
comparable quarter a year earlier.
However, adjusted earnings were $1.22 a share, below the $1.33 a
share analysts had expected.
The company reported net income of $1.05 billion, or $1.31 a
share, up from $988 million, or $1.19 a share, for the comparable
quarter a year prior. Analysts polled by Refinitiv were expecting a
profit of $1.31 a share.
Lowe's said it sold the assets of its businesses in Mexico
rather than exit the retail operations as initially planned. This
resulted in a tax benefit of $82 million offsetting $12 million of
operating costs from the operations during the quarter.
Net sales rose 2.2% to $17.74 billion from a year ago. Analysts
estimated revenue of $17.66 billion.
Comparable sales rose 3.5% while comparable sales in the U.S.
rose 4.2%. Analysts polled by Consensus Metrix expected a 3.2% rise
overall and in the U.S.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
May 22, 2019 06:45 ET (10:45 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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