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Lowe’s raises revenue forecast on sustained home improvement demand -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Customers load a field of merchandise right into a truck after visiting a Lowe’s ironmongery store in Philadelphia, Pennsylvania, U.S. November 4, 2020. REUTERS/Mark Makela/File Picture

(Reuters) – Dwelling enchancment chain Lowe’s (NYSE:) Cos Inc raised its full-year gross sales forecast on Wednesday, boosted by greater demand from builders and contractors, in addition to a powerful U.S. housing market.

The corporate’s shares rose about 3% in premarket buying and selling.

Excessive-spending skilled contractors have been splurging on instruments and constructing supplies at dwelling enchancment retailers over the previous couple of months on the again of the push to finish a backlog of dwelling restore and improve jobs that had been delay throughout the pandemic.

Rising dwelling costs in the USA has additionally given individuals confidence to spend money on improve jobs for his or her properties.

Lowe’s mentioned it expects fiscal yr 2021 whole gross sales of about $95 billion, in comparison with a earlier forecast of about $92 billion.

Similar-store gross sales rose 2.2% within the third quarter ended Oct. 29, in comparison with analysts’ estimates of a 2.9% drop, based on IBES knowledge from Refinitiv. Compared, bigger rival Dwelling Depot Inc (NYSE:) reported a 6.1% rise in same-store gross sales on Tuesday.

(This story corrects analyst estimate to 2.9% drop, not 1.4%, in paragraph 6)

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