News Summary: Lowe's 1st quarter net income rises

News Summary: Lowe's 1st quarter net income rises but falls short of expectations

Associated Press

THE NEWS: Lowe's Cos. said Wednesday that its first-quarter net income rose nearly 3 percent, but results fell short of expectations as rainy weather hurt spring gardening sales.

THE CONTEXT: Home-improvement retailers such as Lowe's have begun to see signs of improvement as the housing market turns around. But cooler weather dampened consumers' lawn and garden projects.

WHAT'S NEXT: Lowe's still expects fiscal 2013 earnings of about $2.05 per share, with revenue up about 4 percent, implying revenue of $52.54 billion. Analysts forecast earnings of $2.09 per share on revenue of $52.39 billion.

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