Feb 01, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- The board of directors
of Lowe's Companies, Inc. (NYSE: LOW) has approved an increase in its current
share repurchase program of up to $1 billion, effective immediately. As of
February 1, 2006, $226 million remained under the previous share repurchase
authorization, providing total capacity of up to $1.23 billion of repurchases
through fiscal 2007. This program is intended to be implemented through
purchases made from time to time in either the open market or through private
transactions, in accordance with Securities and Exchange Commission
(Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO )
"Lowe's has returned over $2 billion to our shareholders over the past two
years through our ongoing share repurchase program and regular dividend
payments," commented Robert A. Niblock, Lowe's chairman, president and CEO.
"These programs, coupled with our continued investment in both new and
existing stores, have led to a solid return for our shareholders."
This news release includes "forward-looking statements" within the meaning
of Section 27A of the Securities Act and Section 21E of the Exchange Act.
Although the company believes that comments reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations
will prove to be correct. Possible risks and uncertainties regarding these
statements include, but are not limited to, the company's determination from
time to time whether to purchase any shares under the repurchase program.
With fiscal year 2004 sales of $36.5 billion, Lowe's Companies, Inc. is a
FORTUNE(R) 50 company that serves approximately 11 million customers a week at
more than 1,200 home improvement stores in 49 states. Based in Mooresville,
N.C., the 60-year old company is the second-largest home improvement retailer
in the world. For more information, visit Lowes.com.
SOURCE Lowe's Companies, Inc.
Shareholders'-Analysts', Paul Taaffe, +1-704-758-2033, or Media, Chris
Ahearn, +1-704-758-2304, both of Lowe's Companies, Inc.