Lowe’s Companies, Inc. (NYSE: LOW) reported lower-than-expected quarterly results on Wednesday, and the company blamed unseasonably cold weather for the weak showing.
The home improvement retailer posted a first-quarter profit of $540 million, or 49 cents a share, up from 44 cents a year ago. Analysts expected the retailer to report earnings of 51 cents a share on $13.45 billion in revenue, according to a consensus estimate from Thomson Reuters.
Revenue slipped 0.5 percent to $13.1 billion, down from $13.15 billion in the same period last year.
"Cooler-than-normal temperatures and greater precipitation resulted in a delayed spring selling season, which impacted our results in exterior categories," Robert A. Niblock, Lowe's chairman, president and CEO, said in a statement. "While overall performance in the month of March was particularly soft, April improved significantly and we have maintained that positive momentum through the first few weeks of May."
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The company also said it now expects full-year same-store sales to increase by 3.5 percent, and it plans to open 10 new stores this year.