Lowe's Expects FY22 Sales To Miss Consensus, Adds $13B To Repurchase Authorization

Lowe's Companies Inc LOW reiterated its outlook for operating results for FY21 total sales to be about $95 billion, versus the consensus of $95.65 billion.
The company expects FY21 gross margin of 33.10% and an operating income margin of 12.4%.
For FY22, Lowe's expects sales of $94 billion - $97 billion, including the 53rd week, versus the consensus of $97.66 billion. It sees EPS of $12.25 - $13.00 versus the consensus of $12.94.
The company expects comparable sales of decline 3% - flat and an operating income margin of 12.5% - 12.8%.
Buyback: Lowe's has authorized a new $13 billion common stock repurchase program, adding to the previous program's balance, which was $7.3 billion as of December 14, 2021. The company now has total share repurchase authorization of ~$20 billion.
Price Action: LOW shares are trading lower by 2.55% at $246.01 in premarket on the last check Wednesday.

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