Hurricane Boosts demand for home decoration, Lowe's Companies, Inc. (LOW.US) raises full-year comparable sales guidance.

Home decor retailer Lowe's Companies, Inc. (LOW.US) raised its full-year comparable sales guidance on Tuesday, as hurricane boosted quarterly sales, despite continued pressure on expenses. Data showed that the company's Q3 sales were $20.17 billion, a 1.5% decrease year-on-year, but better than market expectations; Non-GAAP earnings per share were $2.89, also exceeding market expectations. Lowe's Companies, Inc. reported a 1.1% decrease in comparable sales for the third quarter, better than analysts' expectations of a 2.86% decline. It is worth noting that competitor Home Depot, Inc. (HD.US) reported a 1.3% decline in comparable sales for the third quarter last week, outperforming analysts' expectations of a 3.3% drop. Home Depot, Inc. stated last week that demand for building materials and paint increased following the rebuilding efforts after the hurricanes Helen and Milton hit parts of the United States, including Florida and North Carolina, causing significant damage to homes, bridges, power infrastructure, and crops. Lowe's Companies, Inc. CEO Marvin Ellison stated, "Even if we exclude the hurricane-related factors, our performance in the third quarter was slightly better than expected, thanks to high single-digit growth in the Pro department, strong online sales, and small outdoor DIY projects." Lowe's Companies, Inc. currently expects a 3% to 3.5% year-on-year decline in comparable sales for 2024, compared to the previous expectation of a 3.5% to 4% decline. The company also expects adjusted earnings per share for 2024 to be between $11.80 and $11.90, up from the previous forecast of $11.70 to $11.90. As of the time of writing, Lowe's Companies, Inc. fell by 1.94% in pre-market trading.