Home improvement chain Lowe’s raises annual sales forecast

Adds specifics on outcomes, share movement

Feb 23 (Reuters) – U.S. household improvement chain Lowe’s Cos Inc Minimal.N elevated its entire-calendar year revenue and earnings forecasts on Wednesday, as dwelling improvement stores profit from resilient demand from customers for resources and making resources.

Lowe’s shares, which fell almost 4% on Tuesday next financial gain margin warning from more substantial rival Property Depot High definition.N, rose 1.6% in premarket buying and selling.

The surge in shelling out on do-it-your self property projects found for the duration of the pandemic has so much held up better than feared even as limits relieve, even though builders and handymen enhance their toolkits to complete a backlog of delayed projects.

Lowe’s explained it expects fiscal calendar year 2022 overall profits of $97 billion to $99 billion, when compared to a former forecast of $94 billion to $97 billion.

The firm forecast full-12 months earnings per share of $13.10 to $13.60, higher than its previous outlook of $12.25 to $13.

Lowe’s very same-retail store gross sales rose 5% in the fourth quarter ended Jan. 28, as opposed to analysts’ estimates of a 3.1% increase, according to IBES knowledge from Refinitiv.

(Reporting by Uday Sampath in Bengaluru Enhancing by Sriraj Kalluvila)

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