Appliance and home improvement retailer Lowe's Companies, Inc., reported net earnings of $540 million for the first quarter of its fiscal year 2013.
In the quarter, which ended May 3, 2013, a 2.5% increase over the same period a year previous.
Sales for the quarter were down 0.5% to $13.1 billion, from $13.2 billion in the first quarter of fiscal year 2012. Comparable sales for the quarter were down 0.7%.
"Results for indoor categories were solid for the quarter, a testament to the team's continued focus on improving our core business through cross-functional collaboration and consistent execution in stores and across other selling channels," said Robert A. Niblock, Lowe's chairman, president, and CEO.
"Cooler than normal temperatures and greater precipitation resulted in a delayed spring selling season which impacted our results in exterior categories," Niblock added. "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."
In fiscal year 2013, total sales are expected to increase approximately 4%. Comparable sales are expected to increase approximately 3.5%. Lowe's expects to open about 10 stores in the year.
As of May 2013, Lowe's operated 1,755 stores in the United States, Canada, and Mexico, representing 197.5 million square feet of retail selling space.
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