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Lowe’s sales decline as cool spring weather weighs on demand for outdoor products

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A customer pushes a shopping cart towards the entrance of a Lowe’s store in Concord, California, on Tuesday, Feb. 23, 2021.
David Paul Morris | Bloomberg | Getty Images

Lowe’s on Wednesday missed Wall Street’s sales expectations for the first quarter, as cooler spring weather hurt demand for supplies for outdoor do-it-yourself projects.

Here’s what the company reported for the quarter ended April 29 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

Earnings per share: $3.51 vs. $3.22 expectedRevenue: $23.66 billion vs. $23.76 billion expected

Lowe’s net income for the quarter increased slightly to$2.33 billion, or $3.51 per share, from $2.32 billion or $3.21 per share, a year earlier. The results were above the $3.22 expected by analysts surveyed by Refinitiv.

Net sales fell to $23.66 billion from $24.42 billion last year and outpaced analysts’ expectations of $23.76 billion.

As of Tuesday’s close, shares of Lowe’s are down about 25% so far this year. Shares closed Tuesday at $194.03, bringing the company’s market value to $128.27 billion.

This story is developing. Please check back for updates.

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