UPDATE: Lowe's Reports 5.7% Drop In Q1 Net Income; Shares Down In Pre-Market Trading

Lowe's Companies LOW reported a 5.7% decline in its fiscal first-quarter net income. The company's quarterly profit dropped to $461 million, from $489 million, in the year-ago period. Its earnings per share came in at $0.34 per share. Its shares outstanding dropped 7.8% to 1.33 billion. The company's sales declined to $12.19 billion from $12.39 billion. However, analysts were expecting earnings of $0.36 per share on sales of $12.54 billion. Lowe's shares fell 3.03% to $24.98 in pre-market trading. Read more from Benzinga's Company news.