Summary of Important Points from Lowe's Q1 Conference Call, Said 7 Out of 12 Categories Had Positive Comops

Below are some highlights from Lowe's LOW Q1 conference call:

7 out of 12 Categories had positive comps
Interior categories up 3%
Outdoor products down 7%-lawn and garden biggest driver of loss
Strongest performance for the quarter came from the West Division (particularly upper Northwest and California) Note: number of stores on West Coast is relatively small as a percentage of total stores
Cold, wet weather in Northeast, Southeast, Midwest and Plains had 200 basis points effect on comps
Some strength from Gulf Coast
More cooperative weather and sustained demand for new housing construction in these areas
Out-stored by competitors in areas such as California, Florida, Arizona- though big demand for new construction in these regions helped drive solid positive comps
Though Pro Service sales were strong in areas affected by Hurricane Sandy, relationships with professional contractors compared to competitors not as strong
New emphasis on attracting professional customers through Contractor-pack program, in store and field –based Pro Services
Resetting of product lines and sell-off of reduced price inventory also had impact on earnings
Emphasizing Value Improvement – Enhance line designs, better maintain inventories, simplify deal structures to offer competitive consumer pricing

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