Lowe’s Q1 sales, profits slide less than expected

Lowe’s Cos. said reported today that its Q1 sales totalled $21.36 billion, down from $22.3 billion a year earlier but better than analyst estimates of $21.12 billion. Earnings of $3.06 per share similarly beat forecasts of $2.94 while falling short of $3.77 in the comparable period of 2023.

Same-store sales declined by less than expected, down by just 4.1 percent as opposed to an estimated 5.65. The company reported that the U.S.-wide rollout during the quarter of its DIY loyalty program boosted its market share in certain key categories.