Lowe's Cos Inc forecast 2017 sales ahead of analysts' estimates and reported better-than-expected quarterly comparable-store sales as trends in the housing market encouraged Americans to spruce up their homes or buy new ones.
Buoyed by a recovering housing market, U.S. homeowners are opening their wallets for renovations. Home Depot and Lowe’s this week both reported earnings that beat analysts’ estimates and raised their profit forecasts for 2013.
Lowe’s Cos. surged the most in more than three years after fiscal third-quarter profit topped analysts’ estimates, helped by the recovering housing market and preparations for superstorm Sandy.