Mooresville, NC, Dec. 8--The Board of Directors of Lowe's Companies, Inc. has approved a share repurchase program of up to $1 billion effective immediately. This new 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 October 31, Lowe's Companies, Inc. had 786.2 million shares outstanding.
Separately, the Board has declared a quarterly cash dividend of three cents per share, payable January 30, 2004, to shareholders of record as of January 16, 2004. Lowe's has paid a cash dividend each quarter since going public in 1961.
"With the continued growth in Lowe's earnings and cash flows, as well as a strengthening balance sheet, we believe a share repurchase program, in addition to our ongoing dividend payments, are appropriate and efficient ways to return capital to our shareholders," commented Robert L. Tillman, Lowe's chairman and CEO. "Our share repurchase program will also allow us to offset the dilutive impact of employee stock options and enhance overall return to shareholders."
