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May 22 (Reuters) - Home improvement chain Lowe's Cos Inc cut its full-year profit forecast on Wednesday and reported disappointing first-quarter earnings, hurt by higher costs that dented margins, sending its shares down 8%.
Chief Executive Officer Marvin Ellison blamed a combination of higher costs, moves to stock more products on shelves and mistakes in pricing strategy for the "unanticipated" impact on profit.
Lowe's said net income rose to $1.05 billion, or $1.31 per share in the first quarter ended May 3, from $988 million, or $1.19 per share, a year earlier.
Excluding certain one-time items, the company earned $1.22 per share, missing the analysts' average estimate of $1.33 per share.
Lowe's now expects 2019 earnings of $5.54 to $5.74 per share, down from a prior forecast of $6 to $6.10 per share.
On an adjusted basis the company said it expects earnings of $5.45 to $5.65 per share, below analysts' expectations of $6.05.
The company's same-store sale rose 3.5%, above expectations of a 3.15% increase, according to IBES data from Refinitiv. (Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)