December 12, 2018 / 4:53 PM / a year ago

Lowe's forecasts lower-than-expected comparable store sales growth in 2019

Dec 12 (Reuters) - U.S. home improvement chain Lowe’s Cos Inc on Wednesday forecast comparable store sales for fiscal year 2019 that fell short of Wall Street expectations.

It expects comparable store sales growth of about 3 percent for the year ending February 2020, below analysts’ average expectation of 3.41 percent, according to IBES data from Refintiv.

The company also launched a $10 billion share buyback program in addition to the $4.5 billion remaining as part of its previous repurchase plan. (Reporting by Aishwarya Venugopal in Bengaluru Editing by Saumyadeb Chakrabarty)

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