Lowe's 1Q profit falls, but tops Wall Street view

[May 18, 2009]  MOORESVILLE, N.C. (AP) -- Lowe's, the nation's second biggest home improvement chain, says its first-quarter profit fell 22 percent due to the housing market downturn. But the results are still above Wall Street's expectations.

Lowe's says consumers continued to stay away from bigger-ticket housing items as they tried to shore up their savings amid the recession. But it says shoppers welcomed spring with smaller, outdoor purchases.

Mooresville, N.C.-based Lowe's Cos. said Monday its profit fell to $476 million, or 32 cents per share, in the quarter ended May 1. That tops analysts' forecast of 25 cents a share.

It says sales dipped 2 percent to $11.83 billion, beating Wall Street's expectation of $11.63 billion.

[Associated Press]

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