No Excuses: Home Depot (HD) Stole Business from Lowe's (LOW) in Q1
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Should we believe Lowe's (NYSE: LOW) CEO Rob Niblock?
Shares of the home improvement retailer are down in early trading after reporting EPS of 49 cents and revs of $13.2 billion, both of which that missed views.
On the results, Niblock commented, "Results for indoor categories were solid for the quarter...Cooler than normal temperatures and greater precipitation resulted in a delayed spring selling season which impacted our results in exterior categories..."
Home Depot (NYSE: HD) CEO Frank Blake echoed Niblock's comments somewhat, saying, "In the first quarter, we saw less favorable weather compared to last year." He continued, "but we continue to see benefit from a recovering housing market that drove a stronger-than-expected start to the year for our business..."
Notably, Lowe's reported a 0.7 percent drop in comps, while Home Depot saw a 4.3 percent pop on a like-for-like basis.
Home Depot, which reported Q1 results on Tuesday, also boosted its outlook for FY13, while Lowe's remained flat on its outlook for the year.
It would appear that Home Depot stole some wind from Lowe's sails in Q1.
Shares of the home improvement retailer are down in early trading after reporting EPS of 49 cents and revs of $13.2 billion, both of which that missed views.
On the results, Niblock commented, "Results for indoor categories were solid for the quarter...Cooler than normal temperatures and greater precipitation resulted in a delayed spring selling season which impacted our results in exterior categories..."
Home Depot (NYSE: HD) CEO Frank Blake echoed Niblock's comments somewhat, saying, "In the first quarter, we saw less favorable weather compared to last year." He continued, "but we continue to see benefit from a recovering housing market that drove a stronger-than-expected start to the year for our business..."
Notably, Lowe's reported a 0.7 percent drop in comps, while Home Depot saw a 4.3 percent pop on a like-for-like basis.
Home Depot, which reported Q1 results on Tuesday, also boosted its outlook for FY13, while Lowe's remained flat on its outlook for the year.
It would appear that Home Depot stole some wind from Lowe's sails in Q1.
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