- Lowe’s Cos Inc cut its full-year profit forecast and reported disappointing first-quarter earnings on Wednesday, as higher costs and a push to catch up with larger rival Home Depot dented margins, sending its shares down 9%.
Chief Executive Officer Marvin Ellison blamed a combination of higher costs, moves to stock more products on shelves and an outdated pricing strategy for the “unanticipated” impact on profit. The initiatives helped Lowe’s record stronger quarterly same-store sales than Home Depot for the first time in three years, but weighed on the company’s margins, which fell nearly 3% in the first quarter.Also weighing on Lowe’s was higher transportation costs that have also plagued other retailers.Lowe’s said net income rose to $1.05 billion, or $1.31 per share, in the three months ended May 3, from $988 million, or $1.19 per share, a year earlier.
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