Lowe's reports 54 percent increase in first-quarter earnings

WILKESBORO, N.C. - Home improvement retailer Lowe&#39;s Companies Inc. reported its net earnings climbed 54 percent in the first quarter from a year ago, bearing Wall Street expectations. <br> <br> The world&#39;s second largest home improvement retailer after Home Depot said Monday it earned $345.8 million, or 44 cents a share, for the first quarter, up from $225.3 million, or 29 cents a share, a year earlier. <br> <br> Analysts surveyed by Thomson Financial/First Call were looking for earnings of 36 cents a share. <br> <br> Sales increased 23 percent to $6.47 billion from $5.28 billion a year ago. <br> <br> &#34;Our customers continued to demonstrate an eagerness to maintain, decorate and improve their homes even against a backdrop of mixed economic data,&#34; said Robert L. Tillman, Lowe&#39;s chairman and CEO. <br> <br> Lowe&#39;s opened 46 stores during the quarter to give the chain 785 stores as of May 3. The company plans to open about 23 more stores during this year&#39;s second quarter. <br> <br> In early trading on the New York Stock Exchange, Lowe&#39;s shares were up 3.4 percent, or $1.54 a share, to $46.30. <br> <br>