Lowe’s sales, earnings fall less than expected

Lowe’s Cos. posted Q1 earnings of $2.26 billion, or $3.77 per share. On an adjusted basis, earnings came to $3.67 per share. While that was down from net income of $2.33 billion a year ago, it beat Wall Street estimates of $3.44 per share. Sales fell by more than five percent to $22.35 billion, compared to $23.66 billion in Q1 of 2022, but similarly topped expectations. Comp sales, however, fell by a steeper 4.3 percent than the anticipated 3.4 percent.