Lowe's Withdraws 2020 Guidance

   By Matt Grossman

Lowe's Companies Inc. withdrew its full-year financial guidance for the 2020 fiscal year, citing an uncertain business outlook from the Covid-19 pandemic.

The Mooresville, N.C.-based home-improvement retailer said that strong first-quarter sales have shown continued momentum in May, but an unprecedented operating environment has brought about a wide range of potential outcomes for the year.

Lowe's has raised $4 billion in senior unsecured notes and increased the capacity of its credit facilities to $770 million, the company said. Lowe's said it has $6 billion of cash and cash equivalents, as well as $3 billion in unused capacity from credit facilities.

It has suspended its dividend and said it doesn't plan to repurchase additional shares this year.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

May 20, 2020 06:36 ET (10:36 GMT)

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