Lowe's posts strong Q4 results on strong housing market

Lowe’s Cos

NEW YORK -- Lowe’s Cos., the nation's second-largest home improvement chain behind Home Depot, offered an upbeat annual outlook after reporting strong fiscal fourth-quarter results that showed a still sizzling housing market.

The report, released Wednesday, follows a robust quarterly report from Home Depot.

Home improvement stores have been busy during the pandemic as people working from home took on new projects. Many also moved into new homes with more space for a home office. A high inventory of aging homes has also helped to propel home owners to fix up their houses.

Sales of previously occupied homes rose in January as a surge in buyers with cash and others eager to avoid higher mortgage rates snapped up properties, leaving the number of available houses on the market at a record low.