Lowe's (LOW) posted results that beat the Street's estimates, but investors are honing in on its ongoing negative sales growth.

The home improvement retailer posted revenue of $20.17 billion, compared to estimates of $19.93 billion. Adjusted earnings per share came in at $2.89, versus the $2.82 expected.

"Our results this quarter were modestly better-than-expected, even excluding storm-related activity, driven by high-single-digit positive comps in Pro, strong online sales and smaller-ticket outdoor DIY projects," Lowe's CEO Marvin Ellison said in the release.

Same-store sales is down 1.1%, less than the 2.7% decline anticipated. The company alluded to ongoing softness in the "DIY bigger-ticker discretionary demand," which was offset by hurricane-related recovery efforts following Hurricanes Helene and Milton and positive same-store sales in its Pro business and online.

But its shares were moving lower in premarket trading on Tuesday, down nearly 2%, as the company is expected to end the year with total net sales in the range of $83.0 to $83.5 billion, slightly higher than the previously expected range of $82.7 billion to $83.2 billion.

Same-store sales growth are expected to end the year down 3.0% to 3.5% year-over-year, compared to the previously expected decline of 3.5% to 4.0%.

The company is expected to host an Analyst and Investor Conference in December, where it plans to discuss "new growth and productivity initiatives" and explain on how it's "well-positioned to to capitalize on the expected recovery in home improvement."

"Lowe's is lapping difficult comparisons from the past four years fueled by higher home values and heightened home-related spending as a result of the pandemic," Telsey Advisory Group's Joe Feldman wrote in a note to clients prior to results.

Positive catalysts in the near future include Fed rate cuts, hurricane-related recovery efforts, and normalizing "post-pandemic demand trends," per Feldman.

"Lower interest rates [are] expected to spur increased consumer spending in the coming months — historically, there has been about a six to nine month lag from the first rate cut, particularly in home improvement," he wrote.

TD Cowen analyst Max Rakhlenko said the company is "well positioned for the next Home Improvement Cycle" and he expects to see growth within the Pro business, specifically the small to medium-size Pro market. DIY customers make up roughly 75% of Lowe's business as of the latest quarter.