May 23, 2018 / 10:11 AM / 5 months ago

Lowe's same-store sales miss estimates

May 23 (Reuters) - U.S. home improvement retailer Lowe’s Companies Inc 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. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar)

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