U.S. home improvement retailer Lowe’s missed analysts’ forecasts for quarterly same-store sales on Wednesday as an uncharacteristically long winter hit demand.
Sales at Lowe’s stores open at least a year rose 0.6 percent in the first quarter ended May 4, while analysts on average had expected a 3.06 percent increase, according to Thomson Reuters I/B/E/S.
On Tuesday, the company said current J.C. Penney CEO Marvin Ellison would be taking over at Lowe’s, replacing longtime Chief Executive Officer Robert Niblock.
