Lowe's Raises Its Earnings Forecast as a Tight Housing Market, Older Homes Fuel Projects

Sales climbed to $21.34 billion from $20.31 billion last year and outpaced analysts' expectations of $20.90 billion.

Lowe's has historically drawn about 20% to 25% of its total sales from pros compared with Home Depot, which gets about half of its sales from them. Lowe's has been chasing pros, however, with a new loyalty program and perks like reserved parking and free air for tires at its stores.

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