Mooresville, N.C. • Lowe's second-quarter net income increased 10 percent, bolstered by improving weather.
The home improvement company's performance beat analysts' expectations, but the Mooresville, N.C. company lowered its full-year revenue outlook slightly, citing its year-to-date sales and prior assumptions for the second half.
Shares fell in premarket trading on Wednesday.
Spring is the most important season for home-improvement retailers, as homeowners and others work on their yards and gardens. While the season started off a bit cold and rainy, weather improved and shoppers headed out to stores to pick up supplies.
For the three months ended Aug. 1, Lowe's Cos. earned $1.04 billion, or $1.04 per share. A year earlier it earned $941 million, or 88 cents per share.