World's second largest DIY retailer reports net earnings of $489m for Q1 and is optimistic as discretionary spending picks up in the US.
Lowe's saw a 2.7% increase in earnings for the first quarter ended April 30, compared with the same period last year. Sales for the quarter jumped 4.7% to $12.4bn, while comparable store sales increased 2.4%.

Commenting on its latest figures, the US-based home improvement retailer said it has seen a return to DIY in America, with discretionary spending picking up as the country comes out of the downturn.

Lowe's chairman and ceo Robert A Niblock said: "Consumers are showing signs of re-engagement in home improvement, including discretionary projects and purchases of bigger ticket products, which had taken a back seat during the worst of the economic downturn. This, combined with the government stimulus programs and favourable weather in March and April, drove solid quarterly sales and earnings that exceeded our guidance."

He added: "While we are optimistic we will experience solid demand through the balance of the year, we view 2010 as a year of transition for our industry."

In the UK, Wickes saw its sales slide 1.7% in the first quarter, with like-for-like sales of its core products down 5.1%. However, like-for-like sales in kitchens and bathrooms were up 12.6% for the Travis Perkins-owned DIY chain.

Meanwhile, GfK has reported growth in the UK DIY market in April, particularly in the sealants sector, which saw a 2.9% increase in sales value for the month, with acrylic-based sealants up 20%.