Nov 13 (Reuters) - Wall Street is bracing for another quarter of weak sales from U.S. home improvement chains Home Depot (HD.N) and Lowe's (LOW.N) as demand remained under pressure from uneven consumer spending and a subdued housing market.
Expectations have been revised roughly 17% lower for Home Depot's same-store sales for the third quarter compared to early September, LSEG data showed, while estimates for Lowe's have come down about 19% during the same period.
Key demand indicators - such as category sales figures from the U.S. Census Bureau and home sales - pointed to a sequential softening in the home improvement industry in the quarter, analysts said.
"Most likely, a recovery won't be in sight until the second half of 2024," UBS analyst Michael Lasser said.
U.S. existing home sales dropped to a 13-year low in September, weighed by rising mortgage rates and tight supply.
Persons:
Michael Lasser, Wells, J.P, Morgan, Christopher Horvers, Stocks, Deborah Sophia, Sriraj
Organizations:
Lowe's, U.S . Census Bureau, UBS, Reuters, Thomson
Locations:
U.S, Wells Fargo, Bengaluru