Lowe's on Wednesday backed its annual forecasts, flagging a challenging U.S. housing market as cautious households delay big-ticket DIY projects.
The 30-year fixed mortgage rate rose to 6.46% in early April, as the Iran war pushed up oil prices and U.S. Treasury yields, pressuring the housing market.
Lowe's shares fell about 3% in premarket trading. They are down more than 9% year-to-date.
The company beat first-quarter sales estimates, helped by steady demand from professional customers.
Lowe's has been investing in its Pro segment for small-to-medium contractors, expanding assortments and offering job-site delivery.
CEO Marvin Ellison said: 'Strong spring execution and continued momentum in Pro, Appliances, Online, and Home Services supported a solid start to the year.'
The company expects fiscal 2026 comparable sales flat to up 2% and adjusted profit between $12.25 and $12.75 per share.
Quarterly sales reached $23.08 billion, versus estimates of $22.97 billion.
Adjusted profit was $3.03 per share, with $96 million in pre-tax expenses for acquisitions of Foundation Building Materials and Artisan Design Group (ADG).
Analysts had expected adjusted profit of $2.97 per share.
