Lowe's raises annual same-store sales forecast as storm recovery boosts demand
Home improvement retailer Lowe's Cos forecast a slower-than-expected drop in annual comparable sales on Tuesday, banking on a boost to its current-quarter sales from hurricane-related demand, although big-ticket spending was strained. The company also beat third-quarter comparable sales and profit estimates, similar to results from bigger rival Home Depot, which last week cited higher demand for building materials and paints amid hurricane rebuilding efforts. Hurricanes Helene and Milton devastated parts of the United States, including Florida and North Carolina, causing extensive damage to homes, bridges, power infrastructure and crops.
