UPDATE: Lowe's Posts Downbeat Q1 Profit

Lowe's Companies LOW reported a 2.5% rise in its Q1 net earnings. Lowe's quarterly earnings surged to $540 million, or $0.49 per share, versus $527 million, or $0.43 per share, in the year-earlier period. Its sales fell 0.5% to $13.1 billion from $13.2 billion. However, comparable sales declined 0.7%. However, analysts were projecting earnings of $0.51 per share on revenue of $13.47 billion. For the full fiscal year, Lowe's estimates around 4% increase in total sales and earnings of about $2.05 per share. Lowe's shares closed at $42.45 yesterday.