Lowe's stock falls after 2022 sales guidance misses Street expectations

Lowe's Cos. LOW, -1.86% banal fell 3.7% successful Wednesday premarket trading aft the location betterment retailer announced its 2022 guidance, up of the company's outlook webcast. Lowe's expects 2022 income of $94 cardinal to $97 billion, with results impacted by $1 cardinal to $1.5 cardinal from a 53rd week. Comp income are expected to beryllium level to down 3%, and the institution is guiding for EPS of $12.25 to $13.00. The FactSet statement is for income of $97.62 billion, comp income maturation of 1.7% and EPS of $12.94. For full-year 2021, the company's guiding for income of astir $95 billion. The FactSet statement is for $95.70 cardinal successful sales. The Lowe's committee has authorized a caller $13 cardinal banal repurchase program that adds to the $7.3 cardinal remaining successful the erstwhile plan, arsenic of Dec. 14, 2021. "We look guardant to expanding our semipermanent operating targets astatine our adjacent Analyst & Investor Conference successful December 2022, erstwhile we volition supply the gathering blocks to our adjacent operating borderline milestone," said Lowe's Chief Financial Officer David Denton successful a statement. Lowe's is scheduled to study fourth-quarter net connected Feb. 23, 2022, according to a FactSet calendar. The company's banal has rallied 57.3% for the twelvemonth to day portion the S&P 500 scale SPX, -0.75% has gained 23.4% for the period.