Lowe's exceeded Wall Street's revenue and earnings expectations for the first quarter, leading to a 3% increase in its shares. The company reported adjusted earnings per share of $3.67, beating the expected $3.44, and revenue of $22.35 billion, surpassing the expected $21.6 billion. The home improvement retailer lowered its full-year outlook and expects a temporary decline in discretionary consumer spending but believes it can turn it around since two-thirds of its sales come from non-discretionary purchases. Lowe's anticipates a strong medium and long-term outlook, citing the aging U.S. housing stock driving repairs and projects.