Lowe’s Cos. Inc., the second-largest U.S. home improvement retailer, said today that net income and sales dropped in the first quarter as sagging home values crimped demand for remodeling projects, Bloomberg reported. Earnings were unchanged at 34 cents a share, the company said today in a statement, missing the average of 36 cents projected by 19 analysts in a Bloomberg survey. Lowe’s also trimmed its 2011 profit forecast to a maximum of $1.64 a share. Economic pressures and bad weather lowered sales, Lowe’s said. Net income fell 5.7 percent to $461 million from $489 million a year earlier. Sales dropped 1.6 percent to $12.2 billion. Sales at stores open at least 13 months declined 3.3 percent.