"You're seeing now — this is the second quarter we've seen sales start to pick up at a pretty decent pace and if you look at the initial guidance that they gave for 2013 that assumes sales are going to continue to improve here," Nagel told CNBC's "Squawk on the Street"
Lowe's quarterly report follows an acknowledgment by discount retail behemoth Wal-Mart Stores that sales at the beginning of February had started off slower than planned due to a delay in the income tax refund. The expiration of a two-percent cut in payroll taxes and rising gas prices are also impacting consumers' wallets.
(Read More: Strike Three! The American Consumer Is Out)
Nagel said it's difficult to make a broad-based comment on the American consumer right now. But on the home-improvement retail front, lower mortgage rates along with improvements in confidence and the housing market are helping to bolster spending, he added.
"My overall view is the combination of a strengthening housing market, strong equity markets, improving jobs growth are going to offset — more than offset — any type of higher taxes on consumer spending," he said.
—By CNBC.com's Katie Little; Follow on Twitter @Katie_Little_
Additional News: Housing Recovery Spurs Pickup in Remodeling
Additional Views: Talking Numbers: Buy Home Depot or Lowe's?
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Disclosures:
Brian Nagel does not own Lowe's stock.
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Disclaimer