Lowe's Quarterly Earnings, Sales Miss Expectations, Shares Slide Premarket

By Carla Mozee Markets MarketWatch Pulse

Lowe's Cos. on Wednesday posted quarterly sales and adjusted earnings that fell short of Wall Street's targets. First-quarter adjusted earnings at the home-improvement retailer were $1.03 a share, compared with FactSet estimate of $1.06 a share. Lowe's said adjusted earnings were 87 cents a year ago. Net earnings were $602 million, or 70 cents a share, compared with $884 million, or 98 cents a share, a year ago. First-quarter sales came in at $16.86 billion, up from $15.23 billion in the year-earlier period, but below the FactSet consensus estimate of $16.95 billion. Same-store sales during the quarter rose 1.9%, said Lowe's. The company's shares dropped more than 7% in premarket trade after the results were released.

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