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Lowe's $LOW reported first-quarter results that topped Wall Street expectations on Wednesday, as comparable sales turned positive for a fourth consecutive quarter. The retailer delivered adjusted earnings per share of $3.03. Analysts had consensus estimates of $2.97 per share, according to CNBC.
Revenue of $23.1 billion cleared the $22.97 billion Wall Street forecast, and marked a roughly 10% improvement over the same quarter last year. A 15.5% jump in e-commerce, along with robust demand in appliances, home services, and the professional contractor segment, pushed comparable sales up 0.6% for the period.
On a GAAP basis, per-diluted-share earnings dipped to $2.90 from $2.92 a year ago, with net income edging down to $1.63 billion from $1.64 billion over the same stretch. The company recognized $96 million in pre-tax expenses tied to its acquisitions of Foundation Building Materials and Artisan Design Group, which weighed on the reported figure.
Marvin Ellison, the company's chairman, president, and CEO, pointed to broader market headwinds: "In spite of a challenging housing macro, we remain focused on advancing our Total Home strategy to provide the best experience for our customer," he said in a statement.
