Lowe's Raises Annual Forecast on Storm Recovery Spending

Lowe's Companies Inc. raised its annual same-store sales forecast on Wednesday, citing strong demand for home improvement products as consumers repair and rebuild homes damaged by recent hurricanes.

The home improvement retailer now expects same-store sales to rise 3% to 4% for the fiscal year ending January 2023, up from its previous forecast of a 1% to 3% increase. The company also raised its earnings per share forecast to $13.75 to $14.25 from $13.35 to $13.85.

Lowe's said in a statement that it has seen a "significant increase" in demand for products such as roofing, siding, and lumber in areas affected by Hurricanes Ian and Nicole. The company said it is also benefiting from strength in its professional and DIY customer segments.

"We are encouraged by the resilience of our customers and their commitment to repairing and rebuilding their homes," said Lowe's CEO Marvin Ellison. "We remain focused on providing the products and services they need to get the job done right."

Lowe's is the latest home improvement retailer to report strong sales in the wake of hurricanes. Home Depot, the largest home improvement retailer in the United States, reported earlier this month that its sales rose 8.8% in the third quarter, driven by demand for hurricane-related products.