MOORESVILLE, N.C. ― Lowe’s Cos. reported net earnings of $988 million for the quarter ended May 4, compared to $602 million in the first quarter of 2017. Net sales for the first quarter increased 3.0% to $17.4 billion from $16.9 billion, and comparable sales increased 0.6%. Comp sales for the U.S. home improvement business increased 0.5%. Lowe’s adopted a new accounting standard during the quarter, which resulted in an increase to sales of approximately $130 million. The company enjoyed solid growth in its indoor categories and sales to contractor customers. However, poor weather in many areas resulted in slow sales of outdoor categories. Lowe’s announced yesterday that J.C. Penney CEO Marvin Ellison is taking over as president and CEO effective July 2.
Rival Home Depot reported its first-quarter results last week, which included a sales increase of 4.4%, and comparable sales up 4.2%.