Lowe’s 1Q earnings fall short

FILE - In this June 29, 2016, file photo, customers walk toward a Lowe's store in Hialeah, Fla. (AP Photo/Alan Diaz, File)

Lowe’s reported a 1Q profit of $1.19 per share, missing the estimate for $1.22.

Revenue came in at of $17.4 billion. The estimate was for $17.45 billion.

The company said prolonged unfavorable weather led to a delayed spring selling season.

Sales for the first quarter increased  3 percent over the same quarter in 2017.

Lowe’s reported a profit of $0.70 a share in the year ago quarter.

On Tuesday, the company announced that current JCPenney CEO Marvin Ellison would be taking over at Lowe’s, replacing longtime CEO Robert Niblock.