Lowe’s Q1 sales, earnings drop less than expected

Lowe’s Cos. today reported Q1 net income of US$1.64 billion, or $2.92 per share, down from $1.8 billion a year earlier but beating estimates of $2.88 per share.

Revenues of $20.93 billion were also down, from $21.4 billion, while exceeding forecasts. Same-store sales fell by 1.7 percent, less than the expected 2.0 percent.