Lowe’s Cos. reported profit that beat estimates even as home renovators wrestle with a slumping US housing market and the highest inflation in decades.
“Results may have been better than feared given the challenging macroeconomics,” Bloomberg Intelligence analyst Drew Reading said. “An expanded operating margin despite lower sales reflects Lowe’s improved operational execution.” Shares of Lowe’s rose 1.3 per cent at 9:47 a.m. in New York. That’s on top of a 2.9 per cent gain on Tuesday after Home Depot results beat estimates.
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