MOORESVILLE, N.C., Aug. 21 /PRNewswire-FirstCall/ -- The Board of
Directors of Lowe's Companies, Inc. (NYSE: LOW) has approved an increase in
its current share repurchase program of up to $2 billion through fiscal 2008,
effective immediately. Since 2004, the company has repurchased $3 billion of
its shares which exhausted its prior repurchase authorization. This program
is intended to be implemented through purchases made from time to time either
in the open market or through private transactions, in accordance with
Securities and Exchange Commission requirements. As of August 4, 2006 the
company had 1.54 billion shares outstanding.
Additionally, the Board has declared a quarterly cash dividend of five
cents ($0.05) per share, payable November 3, 2006, to shareholders of record
as of October 20, 2006. Lowe's has paid a cash dividend each quarter since
going public in 1961.
"With the strength of our balance sheet, we believe the most efficient way
to return capital to our shareholders is through ongoing dividend payments and
share repurchases," commented Robert A. Niblock, Lowe's chairman, president
and CEO. "The increased authorization in the stock repurchase program further
underscores our continued confidence in the company's prospects for long-term
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 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 1,275 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.
/CONTACT: Shareholders-Analysts, Robbin Moore, +1-704-758-3579, or Media,
Chris Ahearn, +1-704-758-2304, both of Lowe's Companies, Inc./
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/Web site: http://www.lowes.com/
CO: Lowe's Companies, Inc.
ST: North Carolina
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