U.S. home improvement retailer Lowe’s missed analysts’ forecasts for quarterly same-store sales on Wednesday as cold weather in some U.S. states led to a slower-than-expected start to the spring season.
Sales at Lowe’s stores open at least a year rose 0.6 percent in the first quarter ended May 4, while analysts on average had expected a 3.06 percent increase, according to Thomson Reuters I/B/E/S.
“Prolonged unfavorable weather across geographies led to a delayed spring selling season which impacted results in outdoor categories,” said Lowe’s outgoing Chief Executive Officer Robert Niblock.
On Tuesday, the company said current J.C. Penney CEO Marvin Ellison would be taking over at Lowe’s, replacing Niblock, who held the position for 13 years.
Lowe’s net income rose to $988 million or $1.19 per share in the first quarter, from $602 million or 70 cents per share a year earlier.
Net sales rose nearly 3 percent to $17.36 billion.
Analysts had expected earnings of $1.22 per share and revenue of $17.46 billion, according to Thomson Reuters I/B/E/S.