Lowe’s (NYSE:LOW) shares hiked first thing Wednesday. The home improvement retailer announced a new $15-billion share repurchase program and reaffirmed its full-year forecast. The actions come ahead of the company’s annual analyst and investor conference today.
For FY22, Lowe's sees total sales of approximately $97B to $98B vs $95.0B consensus, including an extra 53rd week this year. Comparable sales expected to be flat to down -1% as compared to a year ago. The home improvement retailer's gross margin rate is forecast to be up slightly compared to last year. Adjusted operating income as a percentage of sales is seen being 13.0% and EPS of $13.65 to $13.80 is anticipated vs. the consensus mark of $14.13.
"We are building on our momentum with the next chapter of our Total Home strategy, designed to enhance our omnichannel capabilities and position Lowe's as a one-stop shop for DIY and Pro customers to get everything they need across all of their projects," said Marvin Ellison.
The presentations during the day will include updates on Lowe's plans for growth across its five focus areas: deepening Pro penetration, accelerating its online business, expanding installation services, driving localization and elevating its product assortment.
LOW shares bounced $5.57, or 2.8%, to $207.48.
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