Lowe's Cos (LOW) jumped 4% Wednesday after the company reiterated its 2018 financial forecast and said its board approved a $10 billion stock buyback plan.
Lowe's, which has been on a cost-cutting spree and has shut underperforming stores, was meeting with analysts and investors in its hometown of Mooresville, North Carolina on Wednesday.
"We have substantially completed a detailed reassessment of our business and are diligently implementing process and technology improvements that are rooted in the fundamentals of retail and designed to position Lowe's to win in today's complex retail environment," said Lowe's President and CEO Marvin R. Ellison.
Lowe's still anticipates a year-over-year 4% increase in revenue in 2018 while comparable-store sales are expected to increase 2.5%. Earnings are expected to be between $5.08 and $5.13 a share on an adjusted basis.
Lowe's expects revenue growth to slow to 2% in 2019 while comps are expected to increase about 3%.
"These transformational changes will take time but will enable Lowe's associates to better focus on serving customers and capture significant market opportunities. As we work to position the company for the future, we will remain true to our mission of delivering the right home improvement products, with the best service and value, across every channel and community we serve," Ellison said.
Lowe's shares are up about 9% year to date.