(MOORESVILLE) -- Lowe’s Companies, Inc. reported first quarter net earnings of $461 million. This is down from $489 million during the same period last year.

The 5.7 percent decline for the home improvement retailer is blamed on still challenging economic conditions and bad weather. “We delivered earnings per share within our guidance for the quarter, despite lower than expected sales,” said Robert A. Niblock, Lowe’s chairman and CEO. “During the quarter, we faced ongoing economic pressures, unfavorable weather conditions and tough comparisons to last year’s government stimulus programs.”

Sales for the quarter decreased 1.6 percent to $12.2 billion from $12.4 billion in the first quarter of 2010. Comparable store sales for the first quarter decreased 3.3 percent.