On Wednesday, Lowe’s Companies, Inc. (NYSE: LOW) announced its financial results for the first quarter of fiscal 2018.
“We drove solid performance in indoor categories and continued to grow our sales to Pro customers. However, prolonged unfavorable weather across geographies led to a delayed spring selling season which impacted results in outdoor categories,” Robert A. Niblock, the chairman, president and CEO of Lowe’s, said in the statement on Wednesday.
According to the company, total revenue for the first quarter increased 3% from $16.9 billion to $17.4 billion, which missed analysts’ estimates of $17.46 billion. In addition, comparable sales rose 0.6%, also missing analysts’ estimate of 3.2% growth. Comparable sales for the U.S. home improvement business in the first quarter increased 0.5%.
Net income for the first quarter increased from $602 million, or 70 cents per share, for the same period last year, to $988 million, or $1.19 per share, compared with analysts’ estimates of $1.21 per share.
In the statement on Wednesday, the company provided guidance for fiscal year 2018. The company expected its total sales to rise around 5%, and comparable sale to be increase 3.5%. Diluted earnings per share is expected to be in the range of $5.40 to $5.50 per share for the fiscal year 2018.
“We continue to work diligently to improve conversion, better manage inventory and stabilize gross margin, while investing in the capabilities required to deliver simple and seamless customer experiences,” Niblock said.