Lowe’s shareholders might have something to cheer about. On Wednesday, Lowe’s announced a $10 billion stock repurchase program. The home improvement retail chain also said earnings per share would rise to a range of $6.00 and $6.10 for fiscal 2019. That’s higher than analysts’ expectation of $5.90, according to FactSet data (as reported by CNBC).
Lowe’s is apparently taking several steps towards uplifting its profitability. It is shuttering underperforming stores, while upping the ante on its e-commerce segment and software capabilities. The company plans to hire around 2,000 software engineers over the next few years. Also, during a meeting with investors, CEO Marvin Ellison said the company has to "get back to basics" and focus on fundamental aspects like customer service and having the optimal merchandise in stock. The retail chain hopes to open eight home improvement stores by the end of fiscal 2018. Earlier this year, it announced decision to close all of its Orchard Supply Hardware stores and terminate its Mexico retail operations.