Lowe’s announces new $15 billion buyback program

Lowe’s Cos. Inc. announced a new $15 billion buyback authorization Wednesday morning, ahead of the company’s investor day. The program has no expiration date. Lowe’s still has $6.4 billion remaining on its prior buyback authorization. The company reaffirmed its 2022 outlook in a Wednesday morning release, while in a presentation, offered some fiscal 2023 targets. Those included one that saw revenue ranging from $87 billion in a weak market to $92 billion in a strong market. Comparable-store sales could be down 4% in a weak market to up 2% in a strong market. Lowe’s shares have lost 22% so far this year as the S&P 500 has declined 17%.

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