Lowe's Maintains Forecast Despite Slower DIY Sales
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Lowe's maintained its full-year sales forecast despite slightly missing Wall Street's quarterly sales expectations but exceeding earnings estimates. Strong sales from professional customers offset weaker DIY demand, impacted by high interest rates and slower housing turnover. The company anticipates flat to 1% comparable sales growth and EPS between $12.15 and $12.40. Lowe's stock rose nearly 3% in premarket trading. This follows a similar announcement from competitor Home Depot.
Lowe's maintained its full-year sales forecast despite slightly missing Wall Street's quarterly sales expectations but exceeding earnings estimates. Strong sales from professional customers offset weaker DIY demand, impacted by high interest rates and slower housing turnover. The company anticipates flat to 1% comparable sales growth and EPS between $12.15 and $12.40. Lowe's stock rose nearly 3% in premarket trading. This follows a similar announcement from competitor Home Depot.
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