Lowe’s maintains annual forecasts amid strained U.S. housing market and affordability pressures
Lowe's has reaffirmed its annual forecasts despite challenges in the U.S. housing market. The company reported better-than-expected first-quarter sales, driven by demand from professional customers. However, rising mortgage rates and high home prices continue to pressure the housing market.
- ▪Lowe's beat estimates for first-quarter sales with quarterly sales of US$23.08 billion.
- ▪The company has been investing in its professional segment to support small-to-medium contractors.
- ▪Lowe's shares have fallen more than 9 percent so far this year.
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Open this photo in gallery:Lowe's beat estimates for first-quarter sales, helped by steady demand from professional customers.Mark Makela/ReutersShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountLowe’s LOW-N on Wednesday backed its annual forecasts, joining larger rival Home Depot in flagging a challenging U.S. housing market as cautious households push back big-ticket do-it-yourself projects.The popular 30-year fixed mortgage rate rose to 6.46 per cent in early April, as the Iran war pushed up oil prices and U.S. Treasury yields, piling more pressure on the housing market already strained by elevated home prices.Lowe’s shares were down about 3 per cent in premarket trading.
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