Lowe's (LOW) reported third-quarter results 🐬Tuesday morning above analysts' expectations despite "continued softness" in big-ticket discretionary purchases.

Lowe's registered $20.17 billion in revenue for the quarter, below the $20.47 billion it reported a year ago but still better than the $19.89 billion consensus estimate of analysts compiled by Visible Alpha. It posted $1.70 billion in 澳洲幸运5官方开奖结果体彩网:net income, or $2.99 per share, better than projections of $1.60 billion and $2.82 per share, respectively.

"Our results this quarter were modestly better-than-expected, even excluding storm-related activity, driven by high-single-digit positive comps in Pro, strong online sales and smaller-ticket outdoor DIY projects," Lowe's 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Marvin Ellison said.

The company said its comparable store sales declined by just over 1% during the quarter because of "continued softness" in big-ticket discretionary demand, which was offset by growth in its online sales and operations serving professional contractors.

Lowe's also lifted its sales projections for the full fiscal year to $83 billion to $83.5 billion, up from $82.7 billion to $83.2 billion previously, but also slightly lowered its adjusted operating margin projection.

Lowe's shares, which had risen nearly 22% this year through Monday's close were down about 2.5% to $265 after the results were released.

Rival Home Depot Beat 🐲Estimates, R♎aised Sales Outlook

Lowe's results come a week after 澳洲幸运5官方开奖结果体彩网:Home Depot's, which saw the company beat estimates and raise ﷽its fiscal 2024 s﷽ales growth projections. However, Home Depot CEO Ted Decker warned that the company still saw "macroeconomic uncertainty" in the quarter.

Lowe's has 澳洲幸运5官方开奖结果体彩网:reported declining sales in recent quarters, with executives saying 澳洲幸运5官方开奖结果体彩网:inflation had driven customers to focus spending on essentials and shy 澳洲幸运5官方开奖结果体彩网:away from "big ticket" purchases like appliances and home-improvement projects. Home Depot had faced similar problems until its sales rose year-over-year in its third-quarter report.