Lowe's Net Climbs 14.3 Percent in First Quarter

MOORESVILLE, N.C.-First-quarter net income for Lowe's gained 14.3 percent over the first quarter of last year, finishing at $527 million.

A healthy 7.9 percent rise in net sales and a watchful eye on expenses helped firm the home-improvement retailer's bottom line in the quarter, which ended on May 4. Net sales totaled $13.2 billion and included a same-store sales pickup of 2.6 percent, with U.S. same-store sales rising 2.7 percent.

Selling, general and administrative expenses, while increasing 3.9 percent in dollars, dropped 95 basis points as a percentage of sales to 24.7 percent. Gross margin slipped 74 basis points to 34.7 percent.

Crediting Lowe's for "solid results," Robert Niblock, chairman, president and CEO, said the company capitalized on better-than-expected weather during most of the quarter. "We continue to maintain a cautious view of the housing and macro demand environment, and are focused on what we can control," Niblock said.

Lowe's said it is expecting total sales for all of the fiscal year to increase by from 1 to 2 percent. This would include a same-store sales gain of from 1 to 3 percent, the company said.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.


Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN May digital issue


    May 2017

    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money