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Lowe's posts earnings and revenue miss

Scott Eells | Bloomberg | Getty Images

Lowe's posted quarterly earnings and revenue that missed Wall Street expectations Thursday, due in part by a lower tax rate.

The home improvement company posted earnings of 58 cents a share, ex-items, on sales of $13.4 billion. Analysts had expected the company to report earnings of 60 cents a share on sales on $13.86 billion in revenue, according to a consensus estimate from Thomson Reuters.

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Last month, Lowe's agreed to pay $18.1 million to settle a California lawsuit alleging that the retailer illegally dumped hazardous materials at its stores throughout the state, the AP reported.

Rival Home Depot reported earnings and revenue that missed analyst estimates on Tuesday as its spring selling season got off to a slow start.

Lowe's, which struggled to catch up with Home Depot after the recession, has tried to arrest market-share losses by offering discounts and products aimed at specific regions.

—By CNBC with wires

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