(Reuters) -Lowe’s Cos Inc forecast full-year sales above estimates on Wednesday, as a rise in spending from builders and handymen getting back to housing projects helped offset some of the slowdown in demand from its do-it-yourself customers.
Lowe’s same-store sales fell 1.6% in the second quarter, compared to analysts’ estimates of a 2.2% fall, as professional contractors spent more on big-ticket tools and building materials to complete maintenance, repair, and upgrade jobs put on hold during the pandemic.
Lowe’s said it expects fiscal year 2021 total sales of about $92 billion, compared with analysts estimates of $91.58 billion, according to Refinitiv IBES data.
(Reporting by Uday Sampath in Bengaluru; Editing by Vinay Dwivedi)
