“We expect capital expenditures of up to $2 billion this year”

In context

“iances and paint. This reinforces our confidence that we will continue to take market share and outperform the broader market. We are now expecting 2023 sales of $87 million to $89 billion with comparable sales expected to range from down 2% to down 4%. Please note that the updated outlook also reflects the impact of lower-than-expected lumber prices. This creates an incremental 50 basis points of pressure on full year sales as compared to our original expectations. We continue to expect Pro to outpace DIY for the year as Pro backlogs are healthy, and demand for Pro services remain strong. We now expect adjusted operating margin in the range of 13.4% to 13.6% for the full year driven by PPI initiatives across the company, partly offset by planned wage investments and lower sales volumes. We expect capital expenditures of up to $2 billion this year and with our planned share repurchases, we expect to reach our 2.75x leverage target by the end of the year while maintaining our BBB+ credit rating. Finally, we are also updating our outlook for adjusted earnings per share in a range of $13.20 to $13.60. Keep in mind that our outlook for operating margin and diluted earnings per share are now adjusted to exclude the gain associated with the sale of our Canadian retail business that we recorded in the first quarter. To assist you with your modeling, I would like to spend a moment discussing our expectations for the second quarter. We are expecting an approximately $400 million headwind to sales due to the timing shift in our fiscal calendar. We also expect lumber deflation to pressure Q2 sales by approximately 150 basis points. Finally,”