Lowe's Targets Independents for Market Share

New York, NY, June 25, 2008--Lowe's wants to take market share in the U.S. housing slump, mainly from independent stores but also from bigger rivals such as Sears.

"In the worst of times, much less capitalized companies are going to struggle to survive in this environment," said Lowe's Chief Financial Officer Bob Hull during the Wachovia 18th Annual Nantucket Equity Conference that was broadcast over the Internet.

Hull noted that rivals including Home Depot and Rona, a Canadian chain, had recently announced store closings. But he said the best opportunity for share gains rests with independent sellers of items such as paint, lighting and hardware.

Lowe's reported an 18 percent drop in first-quarter profit last month and cut its full-year profit forecast, citing continued economic uncertainty.

Hull also said suppliers were continuing to press for price increases in light of rising fuel and metals costs.

"We are seeing unprecedented requests for price increases," Hull said.