NORTH WILKESBORO (dpa-AFX) - Home improvement retailer Lowe's Cos., Inc. (LOW) on Thursday reaffirmed its earnings and sales growth outlook for the full-year 2014. The company revealed this ahead of a meeting with analysts and investors later in the day to discuss its strategic priorities and long-term financial targets.
'We're at a great point in our company's evolution. The housing market and broader economy are recovering just as our transformation is gaining momentum. We're building on our past success and finding new ways to serve and connect with customers,' Chairman, President and CEO Robert Niblock said in a statement.
The Mooresville, North California-based company said it continues to expect earnings of about $2.68 per share for fiscal 2015.
On average, 23 analysts polled by Thomson Reuters expect the company to report earnings of $2.67 per share for fiscal 2014. Analysts' estimates typically exclude special items.
Total sales are also still projected to grow 4.5 to 5 percent from last year on comparable sales growth of 3.5 to 4 percent.
Street is currently looking for full-year 2014 revenue growth of 4.8 percent to $55.98 billion.
Additionally, Lowe's said it continues to expects to open 6 home improvement and 4 hardware stores, and still projects operating margin growth in the range of 70 to 75 basis points.
'We continue to generate solid cash flow and have exciting opportunities ahead of us. Return on Invested Capital is expected to reach approximately 19 percent by 2017, an increase of almost 500 basis points over the next three years,' CFO Robert Hull, Jr. stated.
At the investor meet, the company said it plans to talk about enhancing its relevance to customers through omni-channel retailing, and differentiate itself through better customer experiences.
It will also outline initiatives to adapt to a changing home improvement landscape, and to deliver long-term profitable growth and substantial returns for shareholders.
LOW closed Wednesday's regular trading session at $65.13, down $0.62 on a volume of 5.63 million shares.
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