Lowe’s cuts full-year sales forecast, as spending on do-it-yourself projects weakens

Lowe’s cut its full-year outlook Tuesday, as lumber prices fell and do-it-yourself customers bought fewer discretionary items.

It lowered its forecast even as it beat Wall Street’s revenue and earnings expectations for the fiscal first quarter.

The company’s shares dipped in premarket trading.

Here’s what the home improvement retailer reported for the three-month period ended May 5 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

Earnings per share: $3.67 adjusted vs. $3.44 expected

Revenue: $22.35 billion vs. $21.6 billion expected

Lowe’s net income for...