Last week, Lowe’s (LOW – $23.98) management provided Q1 2010 earnings guidance that included estimated SG&A de-leverage of “approximately 90 Bps.” 

While the largest driver is expected to be store payroll (30 Bps to 40 Bps de-leverage), management also suggested that the company will incur “extraordinary snow removal and building repair expenses” that the company expects will negatively impact Q1 SG&A by 15 Bps. 

They’re blaming the SNOW?  You’ve gotta be kidding us. 

Here’s what is interesting.  Unlike Home Depot (HD – $31.43), who has been doing a great job cutting expenses over the past 12 – 18 months, LOW continues to report runaway SG&A costs that seemingly show no signs of abating. 

HD’s annual SG&A guidance suggests that expenses will “grow at approximately 60% of our sales growth rate.”  Sounds like leverage to us.

See trailing 4-quarter SG&A% charts below.  Despite soft sales, HD’s SG&A costs have flattened as a percent of sales. 

Conversely, LOW’s SG&A% continues to move higher (again, 90 Bps of de-leverage is expected in Q1 2010).  LOW management is now beginning to blame SNOW.  What’s next… March winds, April showers, and May flowers?