[1/2] 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/File Photo Acquire Licensing RightsSummaryCompanies Consumer sentiment turning more positive - CEOLowe's to outperform home improvement market in H2 2023Shares up 3.4%Aug 22 (Reuters) - Lowe's (LOW.N) said on Tuesday consumer sentiment was improving after it topped Wall Street estimates for quarterly profit and comparable sales, as sustained spending on smaller projects countered a broader lull in the home-improvement sector.
Lowe's said disposable income at U.S. households started to improve over the past quarter, which is boding well for the industry.
"We started to see consumer sentiment turn more positive on the Do-It-Yourself customer side... What we're looking for now is just that the (sentiment improvement sustains)," CEO Marvin Ellison said in an interview.
Lowe's second-quarter per-share earnings of $4.56 also topped estimates of $4.49, driven by falling lumber prices and tighter cost management.
Persons:
Mark Makela, Lowe's, Marvin Ellison, Ellison, Joe Feldman, Deborah Sophia, Shinjini
Organizations:
REUTERS, Home, Pro, Thomson
Locations:
Philadelphia , Pennsylvania, U.S, North Carolina, Bengaluru