The reseller company had an adjusted revenue of $ 1.22 per share on net sales of $ 17.74 billion over the three months ending May 3.
Consensus analysts expect the company to deliver an adjusted earnings of $ 1.33 per share of $ 17.66 billion in revenue, according to the Bloomberg data. Last year, Lowe's diluted earnings saw $ 1.19 per share and $ 17.4 billion in net sales.
Lowe now sees the entire annual earnings per share of between $ 5.54 and $ 5.74, down from the $ 6.00 to $ 6.10 range seen earlier.
Shares of Lowe dropped from 9.95% to $ 100.05 each at 6:42 ET before the opening clock.
Exactly comparable store sales increased by 3.5% in the first quarter, before 3.2% expected. US home improvement comparable sales increased by 4.2%, even before estimates. Metrics serves as an efficiency target for retail companies.
"Our first-quarter comparable sales development is a clear indication that the consumer is healthy and the focus on retail knowledge is beginning to decline," said CEO Marvin Ellison in a statement. "The unexpected effect of the convergence of cost pressures, significant transition in our merchandising organization and inefficient inheritance pricing tools and processes led to gross margin contraction in the quarter that affected earnings."
The company "takes the necessary actions to systematically analyze and implement price changes to reduce cost pressures," says Ellison.
<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8 em) – type = "text" content = "Such a strategy has led to the improvement of Lowe's retail prices through technology. On Tuesday, Lowe received & nbsp; a retail analysis platform from Boomerang Commerce, providing company software to help digitize the pricing system. "data-reactid =" 30 "> Such a strategy has led to the improvement of Lowe's retail prices through technology. On Tuesday, Lowe announced that it was buying a retail analysis platform from Boomerang Commerce, which provides software to digitize its pricing system.
" We are still in the early stages of our transformation, and with the changes we put in place, we expect to deliver improved gross margin development over the year's balance sheet, Ellison says. Lowe center expects the operating margin – or operating revenues as a percentage of sales – to increase by between 310 and 340 basis points in 2019.
<p class = "canvas-textile-textile Mb (1.0em) Mb 0) – sm Mt (0.8em) ) – sm "type =" text "content =" Analysts were bracing for bad weather at the beginning of the year weather effects to affect the results for Lowe after Home Depot (HD) reported mixed result for the first quarter of Tuesday. The first home improvement company said the same store sales for the first three months of the year were hampered by wetter weather in February and deflation in timber prices. However, Home Depot is still outpacing consensus expectations on the bottom line and confirming its full-year guidance. "Data-response time =" 32 "> Analysts was bracing for bad weather at the beginning of the year weather effects to affect results for Lowes after Home Depot (HD) reported mixed results for the first quarter Tuesday. Ranked. One corporate improvement company said that the same store sales for the first three months of the year were hampered by wetter weather in February and deflation in timber prices. However, Home Depot still exceeded consensus expectations on the bottom line and confirmed its full-year guidance.
Shares of Lowes increased by 20.3% this year through Tuesday's closeness.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck "data-reactid =" 35 "> Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck
<p class = "canvas-atom leather text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "19459017" Read more from Emily: "data-reactid =" 36 "> Read more from Emily: