Lowe's earnings report comes a day after Home Depot's third quarter earnings beat analysts' estimates.
, as they saw customers continue to up discretionary spending and a good quarter for both the professional and do-it-yourself home improvement segments.
Chief Executive Marvin Ellison said on Wednesday's earnings call that the company chose to be conservative regarding its sales outlook. Here's what Lowe's reported on Wednesday compared with analyst expectations, based on a survey of analysts by Refinitiv:Revenue was up 3% compared with the same period last year.
Ellison said that the tough housing market and rising interest rates haven't affected Lowe's customer base, noting that many homeowners in the U.S. have fixed interest rates or have paid off their mortgages, and are unaffected by the Fed's increases. He added that many homeowners have seen increases in their home equity values, driving them to investing and renovating.
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