Sales Rise 10.7% for Lowe’s in Q1 but Earnings Fall 46%

Mooresville, NC, May 24, 2017-Lowe’s reported net earnings of $602 million Q1 2017, compared to net earnings of $884 million in Q1 2016.

The first quarter results included a $464 million pre-tax loss on extinguishment of debt in connection with the company’s previously announced $1.6 billion cash tender offer.

Sales for the first quarter increased 10.7% to $16.9 billion from $15.2 billion in the first quarter of 2016, and comparable sales increased 1.9%. Comparable sales for the U.S. business increased 2.0%.

As of May 5, Lowe’s operated 2,137 home improvement and hardware stores in the United States, Canada and Mexico representing 213.8 million square feet of retail selling space.