Lowe’s shares fall on 1Q earnings, sales miss

Lowe’s shares fall on 1Q earnings, sales miss

Shares of Lowe’s Cos. Inc. fell 7% in premarket trading Wednesday after the Mooresville-based home-improvement retailer reported lower-than-expected first-quarter earnings and comparable sales. Net income fell to $602 million, or 70 cents per share, from $884 million, or 98 cents per share, a year earlier. Excluding a $464 million loss on the extinguishment of debt, the company earned $1.03 per share, missing analysts’ average estimate of $1.06 per share. Sales at stores open at least a year rose 1.9%, below the 2.6% increase expected by analysts.

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