Lowe’s earnings rise despite sales drop

Lowe’s Cos. said this week its Q1 earnings rose to $2.33-billion, or $3.51 per share. That exceeded analyst expectations of $3.22 per share. The increase was despite a decline in sales as homeowners returned to their offices. Net sales fell three percent to $23.66-billion, with overall comp sales down by a greater-than-expected four percent. “Because 75 percent of our customer base is DIY, our Q1 sales were disproportionately impacted by the cooler spring temperatures,” CEO Marvin Ellison explained.