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May 20 (Reuters) - Lowe's LOW.N on Wednesday backed its annual forecasts, joining larger rival Home Depot in flagging a challenging U.S. housing market as cautious households push back big-ticket do-it-yourself projects.

Shares of Lowe's were down about 2% in premarket trading.

However, the company beat estimates for first-quarter sales, helped by steady demand from professional customers.

The company expects fiscal 2026 comparable sales of flat to up 2% and annual adjusted profit to be in the range of $12.25 to $12.75.

The home improvement retailer posted quarterly sales of $23.08 billion, compared with analysts' estimates of $22.97 billion, according to data compiled by LSEG.