But its third quarter earnings and the new earnings outlook both came in short of Wall Street's expectations. Home improvement companies have been benefiting from record-low interest rates and rising home prices, spurring customers to spend more to renovate their homes.
One encouraging sign for Lowe's is that customers are spending more for larger projects, said CEO Robert Niblock in a phone interview with The Associated Press.
"Consumers have the willingness to tackle projects that have been on their to-do list," he said. That includes flooring projects and upgrading kitchen appliances. "We're seeing a nice trend there as long as housing continues to move in the right direction."
But Mooresville, N.C.-based Lowe's has not been benefiting as much as its larger rival, Cobb based-Home Depot, which reported third-quarter results that topped analysts' estimates and it lifted its outlook.