Lowe's sales up for Q1

Lowe's Companies Inc. (NYSE: LOW) reported net earnings of $527 million for the quarter ended May 4, 2012, a 14.3 percent increase over the same period a year ago. Diluted earnings per share increased 26.5 percent to $0.43 from $0.34 in the first quarter of 2011.

Sales for the quarter increased 7.9 percent to $13.2 billion from $12.2 billion in the first quarter of 2011.

Lowe's fiscal year ends on the Friday nearest the end of January; therefore, fiscal year 2011 included 53 weeks. The

Comparable store sales for the quarter increased 2.6 percent, while comparable store sales for the U.S. business increased 2.7 percent.