(CercleFinance.com) – The American DIY store chain Lowe’s rose on Wall Street on Wednesday after the announcement of a new share buyback program and the confirmation of its annual targets.
During a meeting with analysts and investors organized in New York, the brand formalized the launch of a share buyback program amounting to 15 billion dollars.
This program, which has no expiry date, will be added to the 6.4 billion dollars that came from a previous envelope.
The Mooresville (North Carolina) group took the opportunity to reaffirm its annual forecasts, starting with the prospect of stable like-for-like sales, or even down 1%, from one year to the next.
Its operating margin should be around 13%, for earnings per share (EPS) still expected between 13.65 and 13.80 dollars.
On the New York Stock Exchange, Lowe’s shares rose 1.8% on Wednesday morning following these announcements.
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