Lowe's still catching up
Lowe’s is doing fine, but still playing catch-up with Home Depot.
The Mooresville-based retailer, North Carolina’s third largest public company, reported first quarter net income that exceeded analyst estimates even as harsh weather in the Northeast United States hampered sales.
Lowe's had net income of $624 million, or 61 cents a share. Twenty-five analysts surveyed by Bloomberg had projected 60 cents. About 30% of Lowe’s stores are in the Northeast, where a string of storms curtailed shopping earlier this year.
For the 20th straight quarter, Atlanta-based Home Depot Inc. had better comparable store sales than its Tar Heel rival. We noted the trend in our May edition.
During the first quarter, sales at stores open more than a year increased 2.6% at Home Depot, versus 0.9% at Lowe’s. Home Depot had profit of $1.4 billion during the quarter, more than doubling Lowe’s.