Lowe’s raises revenue forecast on sustained home improvement demand

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FILE PHOTO: Shoppers load a box of merchandise into a truck after visiting a Lowe’s hardware store in Philadelphia, Pennsylvania November 4, 2020. Businesshala/Mark Makela/File photo
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(Analyst estimate of 2.9% decline in paragraph 6, not 1.4%)

(Businesshala) – Home improvement chain Lowe’s Cos Inc raised its full-year sales forecast on Wednesday, fueled by a strong US housing market along with higher demand from builders and contractors.

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The company’s shares rose nearly 3% in premarket trading.

High-spending professional contractors have been splurge on home improvement retailers over the past few months on tools and building materials, in a rush to meet home repair backlogs and upgrade jobs that have been shut down during the pandemic. Huh.

Rising home prices in the United States have also given people the confidence to invest in upgrading jobs for their homes.

Lowe’s said it expects total sales in fiscal 2021 to be about $95 billion, compared to a previous forecast of about $92 billion.

Same-store sales rose 2.2% in the third quarter ended October 29, compared to analysts’ estimates of a 2.9% decline, according to IBES data from Refinitiv. In comparison, larger rival Home Depot Inc. reported a 6.1% increase in same-store sales on Tuesday.

Reporting by Uday Sampath in Bengaluru; Editing by Maju Samuel

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