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(Sharecast News) - American home-improvement retailer Lowe's beat analysts' predictions with its first-quarter results on Wednesday, with a decent performance in online sales boosting its top line despite concerns of a subdued housing market.
Total sales for the three months to 1 May were $23.08bn, compared to $20.93bn the year before, the Mooresville, North Caroline-based firm reported, topping the $22.98bn expected by analysts.
Comparable sales grew 0.6%, bolstered by a 15.5% surge in sales online, as well as strength in appliances, home services and Pro sales.
Lowe's, which had 1,759 stores by the end of the period, said net earnings fell to $1.63bn from $1.64bn a year earlier, though adjusted earnings per share of $3.03 came in 6cents ahead of the consensus forecast.
The company maintained its full-year targets for total sales of $92bn-94bn, representing growth of 7-9% over last year, with comparable sales expected to be flat to 2% higher.
"Strong spring execution and continued momentum in Pro, Appliances, Online, and Home Services supported a solid start to the year as we delivered our fourth consecutive quarter of positive comp sales," said chair, president and chief executive Marvin Ellison.
"In spite of a challenging housing macro, we remain focused on advancing our Total Home strategy to provide the best experience for our customer. I'd also like to thank our associates for their dedication to serving our customers throughout the busy spring season."
Despite the headline beat, Lowe's stock futures were down nearly 3% in pre-market activity on Wall Street.
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