Lowe's holds annual forecast after first quarter beat
Lowe's reaffirmed its annual financial targets despite a challenging housing market as high mortgage rates weigh on consumer spending. The retailer reported quarterly sales of 23.08 billion dollars which surpassed analyst expectations due to strong demand from professional contractors.
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Lowe's HOME DEPOT INC in warning that high mortgage rates are curbing large-scale DIY spending in the United States. Professional contractor demand is offsetting consumer caution, providing a floor for revenue despite a 9% year-to-date share price decline.
