Lowe's sales decline as cool spring weather weighs on demand for outdoor products
A customer pushes a shopping cart towards the entrance of a Lowe's store in Concord, California, on Tuesday, Feb. 23, 2021.

Lowe's on Wednesday missed Wall Street's sales expectations for its fiscal first quarter, as cooler spring weather hurt demand for supplies for outdoor do-it-yourself projects.

Shares fell 5% Wednesday.

Here's what the home improvement retailer reported for the quarter ended April 29 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

Earnings per share: $3.51 vs. $3.22 expected

Revenue: $23.66 billion vs. $23.76 billion expected

Lowe's reiterated its full-year outlook, saying it expects total sales to range between $97 billion and $99 billion and same-store sales to range from a decline of 1% to an increase of 1%.

In an interview with CNBC, CEO Marvin Ellison said the underlying factors driving the home improvement industry have not changed: an aging housing stock, a shortage of available homes and appreciating real estate values. That's giving consumers confidence to spring for a kitchen appliance or to redo a bathroom, despite inflation, he said.

"Home price appreciation simply gives the homeowner confidence that they can invest in their home and can get a return on their investment," Ellison said.

Yet the chilly and cold April weather in parts of the country inspired Americans to put off purchases of grills, patio furniture and gardening supplies. He said Lowe's is already seeing sales pick up in May and expects to make up for that weaker early spring in the second quarter as warmer and dryer weather arrives.

Ellison said the company has not seen signs of a more skittish consumers. Instead of trading down to cheaper products, he said Lowe's shoppers are actually trading up to a new refrigerator or getting pricier lawn equipment.

"I'm not saying the macro environment does not matter. I'm saying that for home improvement we are not seeing any material impact," the CEO said.

Lowe's results diverged from those of its competitor, Home Depot. On Tuesday, Home Depot surged beyond Wall Street's expectations for quarterly earnings and revenue, chalking up its growth to home appreciation and a boom in projects for housing professionals.