Lowe’s posts Q1 gains, reviews Mexico decision

MOORESVILLE, N.C. ― Lowe’s Cos. has reported net earnings of $1 billion and diluted earnings per share of $1.31 for the first quarter of 2019, up from earnings of $988 million and diluted EPS of $1.19 for the same period last year. Sales for the quarter rose 2.2% to $17.7 billion from $17.4 billion a year ago, with comparable sales up 3.5%. Comparable sales for the U.S. home improvement business increased 4.2%. The company previously announced its intention to exit its Mexico retail operations and had planned to sell the operating business. Following a market evaluation, however, the decision was made in the first quarter to instead sell the assets of the business, resulting in an $82 million tax benefit.