Lowe's second-quarter net income rose 26 percent, buoyed by the housing market's ongoing recovery.
The second-largest home-improvement chain's results beat Wall Street expectations. It also raised its full-year earnings and revenue forecasts Wednesday. After the earnings announcement, the company's shares rose in pre-market trading. (Click here to get the latest quotes.)
On Tuesday, rival Home Depot said a recovery in the U.S. housing market helped the retailer beat quarterly profit and sales estimates, prompting the world's largest home improvement chain to raise its outlook for the fiscal year.
(Read more: Home Depot reaps benefits from US housing rebound)
"People are feeling fairly bullish about the do-it-yourself retailers and their prospects," Budd Bugatch, director of furnishings research at Raymond James & Associates, told CNBC's "Squawk Box" on Wednesday. "Housing is certainly important part of that. So is the improvement in GDP, although that's moderated a bit."