Lowe's forecasts full-year sales ahead of estimates

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FILE PHOTO: Shoppers load a box of merchandise into a truck after visiting a Lowe’s hardware store in Philadelphia, Pennsylvania, U.S. November 4, 2020. REUTERS/Mark Makela

(Reuters) -Lowe’s Cos Inc forecast full-year sales above estimates on Wednesday, as a rise in spending from builders and handymen getting back to housing projects helped offset some of the slowdown in demand from its do-it-yourself customers.

Lowe’s same-store sales fell 1.6% in the second quarter, compared to analysts’ estimates of a 2.2% fall, as professional contractors spent more on big-ticket tools and building materials to complete maintenance, repair, and upgrade jobs put on hold during the pandemic.

Lowe’s said it expects fiscal year 2021 total sales of about $92 billion, compared with analysts estimates of $91.58 billion, according to Refinitiv IBES data.

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