(Reuters) -Home improvement retailer Lowe’s Cos posted a smaller-than-expected drop in first-quarter comparable sales on Wednesday, as shoppers spent on maintenance projects while holding off on big-ticket purchases amid higher borrowing costs.
The company also joined rival Home Depot in reiterating annual forecast. Atlanta-based Home Depot said on Tuesday it would not raise prices despite tariffs-led uncertainty, owing to its diversified supply chain and stronger hold in the professional customer base.
Shares of the North Carolina-based Lowe’s rose about 2% in premarket trading. The stock has dropped 6% so far this year.
Lowe’s has expanded its business that serves professional customers, such as home builders and property managers, to counter sluggish demand in do-it-yourself categories. It also added suppliers closer to the coast to avoid any delays in shipping.
It expects comparable sales for 2025 to be flat to up 1% and earnings per share in the range of $12.15 to $12.40.
The company reported a 1.7% drop in same-store sales for the quarter ended May 2, compared with analysts’ average estimate of a 2% decline, according to data compiled by LSEG.
(Reporting by Savyata Mishra in Bengaluru; Editing by Shinjini Ganguli)
