Lowe's Cos posted a smaller-than-expected drop in quarterly comparable sales and topped estimates for profit on Tuesday, helped by a boost from delayed spring season sales and sustained consumer spending on smaller projects.
While home improvement retailers have seen sales falter in recent months, Americans are still spending on smaller repair and maintenance work and taking up non-discretionary home projects, making up for some of the lost demand.
A cold start to spring season also shifted some demand for seasonal goods such as lawn and garden equipment and outdoor supplies into the second quarter from earlier in the year, propping sales at Lowe's.
Larger rival Home Depot last week also topped quarterly sales and profit expectations, with seasonal sales and steady demand from its "Pro-customers", which include professional builders, contractors and handymen, offsetting a drop in big-ticket purchases.
Same-store sales at Lowe's fell 1.6% in the second quarter, compared with analysts' average estimate of a 2.36% drop, according to Refinitiv data.
The company reported a profit of $4.56 per share. Analysts on average had estimated earnings of $4.49 per share.
(Reporting by Deborah Sophia in Bengaluru; Editing by Shinjini Ganguli)
