Lowe’s profits dip on strong sales gain

MOORESVILLE, N.C. — At Lowe’s Cos., sales for the first quarter increased 10.7% to $16.9 billion, from $15.2 billion in the first quarter of 2016. Comp sales increased 1.9% across all stores, and increased 2.0% for its U.S. business. Net earnings dropped, however, to $602 million from $884 million a year earlier. Lowe’s outlook for 2017 anticipates that total sales will increase by about 5%, while comparable sales are expected to increase approximately 3.5%.