Mooresville, NC, January 31--The board of directors of Lowe's approved a share repurchase program of up to $1 billion, effective immediately.
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 requirements. As of October 29, 2004, Lowe's Companies, Inc. had 772 million shares outstanding.
"Following our $1 billion share repurchase in 2004, this additional authorization from the board is an indication of the financial strength of Lowe's and, with ongoing dividend payments, allows us to enhance the overall return to shareholders," commented Robert A. Niblock, Lowe's chairman, president and CEO.
