Lowe's earnings beat as sales jump more than 10% despite sluggish housing market

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Lowe’s

topped Wall Street’s quarterly revenue and earnings expectations on Wednesday, as the retailer’s quarterly sales grew more than 10% year over year.

The home improvement company said it expects total sales for the full current fiscal year to range between $92 billion and $94 billion, which would be a roughly 7% to 9% increase over the prior year. It said it expects adjusted earnings per share to be between $12.25 and $12.75 for the full year. Lowe’s said it expects comparable sales, a metric that takes out one-time factors, to be approximately flat to up 2%.

In a news release, CEO Marvin Ellison said the company’s strategy is resonating with its do-it-yourself customers and home professionals, even as higher mortgage rates and slower real estate sales challenge its industry.