--Shareholders Elect Board Members
CHARLOTTE, N.C., May 25, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Today at its annual
meeting of shareholders, Lowe's Companies, Inc. (NYSE: LOW) Chairman,
President and CEO Robert A. Niblock said the company remains confident in its
outlook for 2006 and beyond and outlined a balanced view of macroeconomic
factors key to Lowe's business.
"Most economists expect employment and income growth to remain strong,
which we feel will support continued home improvement spending," explained
Niblock. "More than 2 million people have joined the workforce in the past
year, and the unemployment rate continues to decline, while both average wages
and disposable personal income are up year over year. In addition, young
adults are buying homes at a faster rate than previous generations,
contributing to record levels of home ownership in the U.S."
In 2006, Lowe's will continue to leverage competitive advantages such as
its centralized distribution network by moving more products through
distribution centers to replenish stores in a more timely manner. The company
plans to invest approximately $800 million in its existing stores to ensure
they remain best in class. And, Lowe's will continue to expand self check-
out, now in more than 150 stores, to an additional 300 locations, to enhance
convenience for customers.
"For 60 years, Lowe's has been focusing on the details, putting customers
first and caring about our employees," Niblock added. "It's Lowe's culture,
and it will continue to drive our success as we embark on our next 60 years."
During the meeting, shareholders re-elected board members Peter C.
Browning, Marshall O. Larsen, Stephen F. Page and O. Temple Sloan, Jr.
Continuing directors include Leonard L. Berry, Paul Fulton, Dawn E. Hudson,
Robert A. Ingram, Robert L. Johnson, Richard K. Lochridge and Niblock.
Shareholders also approved both annual and long-term incentive plans;
amended the company's articles of incorporation to set the minimum number of
directors at three, changing the voting standard from plurality to a majority
of votes cast, and revising directors' indemnity for personal liability; and
ratified Deloitte & Touche as the company's independent public accountants for
the 2006 fiscal year. Shareholders rejected a shareholder proposal to require
a separate annual report addressing progress toward implementation of the
company's wood policy.
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 2005 sales of $43.2 billion, Lowe's Companies, Inc. is a
FORTUNE(R) 50 company that serves approximately 12 million customers a week at
more than 1,250 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.
Shareholder-Analysts, Paul Taaffe, +1-704-758-2033, or Media, Chris Ahearn,
+1-704-758-2304, both of Lowe's Companies, Inc.