A cold start to the spring season also helped sales at Lowe’s as some demand for seasonal goods and outdoor supplies was shifted into the second quarter from earlier in the year
posted a smaller-than-expected drop in quarterly comparable sales and topped estimates for profit on Tuesday, helped by a boost from delayed spring season sales and sustained consumer spending on smaller projects.
The upbeat reports from home improvement retailers come at a time when the housing market has started to show some early signs of normalizing, with new home sales in the U.S. jumping 12.2 per cent in May to the highest level in nearly 1-1/2 years. Shares of the company rose 3 per cent to $224.10 after the company also reaffirmed its annual sales and profit forecasts.
The company was confident in the mid– to long-term outlook for the home improvement industry, CEO Marvin Ellison said.
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