ABC Finance

Lowe’s Cos. Inc. said that shoppers buying paints, plants and replacement parts in the first quarter helped the home improvement chain beat Wall Street forecasts and prompted it to boost its full-year outlook.

The company said business was "less bad" in all regions of the country, and economic conditions may — slowly — be improving.

"In recent weeks we have seen consumer confidence improve, housing turnover show signs of a bottom in certain markets and home prices slow their decline," Chairman and Chief Executive Robert Niblock said.

Lowe’s, like much of the rest of the housing and home improvement industry, has been battered by falling house prices, rising foreclosures and unemployment rates and worsening consumer confidence.

Niblock said sales in the hardest-hit states — among them California, Nevada and Florida — were still faring poorly but were beginning to show signs of improvement as more foreclosed properties are purchased.

"It’s moving in the right direction," he said.

For the three months ended May 1, Lowe’s earned $476 million, or 32 cents per share, down nearly 22 percent from $607 million, or 41 cents, a year earlier payday loans in 1 hour. Sales dipped 2 percent to $11.83 billion. Analysts expected the retailer to earn 25 cents per share on revenue of $11.63 billion.

The nation’s second-biggest home improvement chain said consumers continued to stay away from bigger-ticket housing items. But shoppers did welcome spring with smaller outdoor purchases and supplies for do-it-yourself projects.

Lowe’s will monitor expenses and "continue to plan conservatively" because many factors affecting the housing market are still at or near historic lows.

"We hope there continues to be a gradual improvement out there," Niblock said. "Until we get a bottom in housing prices, it’s still going to be a challenging housing environment — it will just be less bad if we continue to have those signs moving in the right direction."

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Filed under: management by Specialist