Lowe's Withdraws 2020 Guidance
May 20 2020 - 6:51AM
Dow Jones News
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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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