MOORESVILLE, N.C.-- Lowe's Companies, Inc., the world's second largest home improvement retailer, reported net earnings of $527 million for the quarter ended May 4, 2012, a 14.3 percent increase over the same period a year ago. Sales for the quarter increased 7.9 percent to $13.2 billion from $12.2 billion in the first quarter of 2011.
Included in the above reported results is a charge related to a previously announced reduction in staff at U.S. headquarters.
Comparable store sales for the quarter increased 2.6 percent, while comparable store sales for the U.S. business increased 2.7 percent.
"We delivered solid results for the quarter, consistent with our expectation at the beginning of the year," commented Robert A. Niblock, Lowe's chairman, president and CEO. "While we capitalized on better than anticipated weather during most of the quarter, demand for seasonal products slowed toward the end.
"We continue to maintain a cautious view of the housing and macro demand environment, and are focused on what we can control," Niblock added. "We are building on our core strengths and strategically investing in ways that will better position Lowe's for success. I would like to express my gratitude to our employees for their continued dedication and customer focus."