Lowe's earnings call summary (45.08 -0.44)
- Comps in the south and west regions, where weather is more favorable, were in the mid-single digits. 7 of 12 product categories posted positive comps.
- Co continues to see strength in its Pro business.
- Backdrop for home improvement growth remains positive, despite a slow start to the spring season. Economic forecasts still suggest a moderate improvement in growth for the year.
- Comps were essentially flat in Feb, +2.5% in Mar, and flat in April.
- Both ticket and transactions adjusted for the Easter shift improved sequentially, with the trend continuing into May.
- Mgmt believes that weather impacted Q1 sales by ~ 150 bpts; mgmt feels good about start of Q2.
- Last quarter, mgmt said that Q1 would be co's best performing comp and Q2 would be the lowest. Since weather pushed some sales from Q1 to Q2, it now looks like Q2 will be co's highest comping quarter.