- Shareholders Elect Board Members -
CHARLOTTE, N.C., May 30 /PRNewswire-FirstCall/ -- Today at its annual
meeting, Lowe's Companies, Inc. (NYSE: LOW) Chairman and CEO Robert A. Niblock
told shareholders that in a challenging economic environment, Lowe's is
maintaining its high standards for stores, diligently managing expenses and
continuing its keen focus on customer service.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO )
"In a tough environment, great companies look for opportunities to
strengthen their business, and that is exactly what Lowe's is doing,"
explained Niblock. "We're committed to taking care of our customers and
pursuing profitable, long-term market share gains while prudently managing the
business to provide the best long-term return for shareholders.
"As a result of these efforts, in 2007 Lowe's continued to gain market
share, increased our total sales and achieved our expansion plan by opening
153 new stores, including our first stores in Canada," added Niblock.
"Further illustrating our unwavering focus on customers, we continued to gain
market share through the first quarter of 2008."
Niblock said the long-term demographic trends for the home improvement
industry remain favorable due to population growth and the aging of more than
130 million existing homes in the U.S.
During the meeting, shareholders re-elected board members Robert A.
Ingram, Robert L. Johnson and Richard K. Lochridge. Continuing directors
include David W. Bernauer, Leonard L. Berry, Peter C. Browning, Dawn E.
Hudson, Marshall O. Larsen, Stephen F. Page, O. Temple Sloan, Jr. and Niblock.
Shareholders ratified Deloitte & Touche as the company's independent
public accountants for the 2008 fiscal year and approved an amendment to
Lowe's Articles of Incorporation to eliminate the classified structure of the
board of directors, including elimination of the supermajority vote
requirement to remove directors.
They approved a non-binding shareholder proposal to adopt a simple
majority vote requirement for items submitted for shareholder approval. They
rejected a non-binding shareholder proposal to require bonuses and long-term
compensation be awarded based on company performance compared to that of peer
The board of directors declared a quarterly cash dividend of $0.085 per
share, an increase of 6.3 percent, payable on August 1, 2008, to shareholders
of record as of July 18, 2008. Lowe's has paid a cash dividend each quarter
since going public in 1961.
This news release includes "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 (the "Act").
Statements of the company's expectations for sales growth, comparable store
sales, earnings and performance, capital expenditures, store openings, demand
for services, and any statement of an assumption underlying any of the
foregoing, constitute "forward-looking statements" under the Act. Although
the company believes that the expectations, opinions, projections, and
comments reflected in its forward-looking statements are reasonable, it can
give no assurance that such statements will prove to be correct. A wide-
variety of potential risks, uncertainties, and other factors could materially
affect our ability to achieve the results expressed or implied by our forward-
looking statements including, but not limited to, changes in general economic
conditions, such as interest rate and currency fluctuations, fuel costs, and
other factors which can negatively affect our customers as well as our ability
to: (i) respond to decreases in the number of new housing starts and the
level of repairs, remodeling, and additions to existing homes, as well as
general reduction in commercial building activity; (ii) secure, develop, and
otherwise implement new technologies and processes designed to enhance our
efficiency and competitiveness; (iii) attract, train, and retain highly-
qualified associates; (iv) locate, secure, and develop new sites for store
development; (v) respond to fluctuations in the prices and availability of
services, supplies, and products; (vi) respond to the growth and impact of
competition; (vii) address legal and regulatory matters; and (viii) respond to
unanticipated weather conditions. For more information about these and other
risks and uncertainties that we are exposed to, you should read the "Risk
Factors" included in our Annual Report on Form 10-K to the United States
Securities and Exchange Commission and the descriptions of material changes,
if any, in those "Risk Factors" included in our subsequent Quarterly Reports
on Form 10-Q.
With fiscal year 2007 sales of $48.3 billion, Lowe's Companies, Inc. is a
FORTUNE(R) 50 company that serves approximately 14 million customers a week at
more than 1,550 home improvement stores in the United States and Canada.
Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest
home improvement retailer in the world. For more information, visit Lowes.com.
SOURCE Lowe's Companies, Inc.
/CONTACT: Shareholders or Analysts: Robbin Moore-Randolph,
+1-704-758-3579; or Media: Chris Ahearn, +1-704-758-2304, both of Lowe's
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, firstname.lastname@example.org /
/Web site: http://www.lowes.com /
CO: Lowe's Companies, Inc.
ST: North Carolina
IN: REA HOU
SU: DIV PER
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4404 05/30/2008 10:05 EDT http://www.prnewswire.com