• May 18, 2009

Lowe's Companies says that sales for its first quarter fell 1.5% to $11.8 billion, and that net income sank 21.6% to $476 million. On a same-store basis, sales at the Mooresville, N.C. chain lost 6.6%. Those results were within the company's guidance, and better than some analysts had predicted.

"Despite the difficult external environment, Lowe's strong commitment to customer service and a compelling product offering led to continued market share gains in the first quarter," Robert A. Niblock, Lowe's chairman and CEO, says in its statement.

"The economic pressures on consumers remain intense, and bigger ticket projects continue to be postponed as wary home improvement consumers watch the economic climate and housing market dynamics very closely. But, as spring arrived, we saw relative strength in smaller, outdoor projects."--Sarah Mahoney