In the news release, Lowe's Holds Annual Meeting of Shareholders, issued
earlier today by Lowe's
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Lowe's Holds Annual Meeting of Shareholders
Shareholders Elect Board Members
(Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO )
"Long-term demographic trends are favorable," Niblock said. "Plus, increasing real disposable income and a solid employment market provide near- term support. These are favorable signs that consumers can and will continue to spend on needed repairs and maintenance of their homes."
Following market share gains in 2006, Lowe's has continued to gain share during the first quarter of the year in 17 of its 20 product categories. President and Chief Operating Officer Larry D. Stone credited Lowe's 210,000 employees for their sharp focus on serving customers, in spite of challenges the home improvement industry faced throughout the year.
"In addition to our success gaining market share across most of the product groups in our store, we also continue to increase our relevance with the Commercial Business Customer (CBC); and in 2006, this part of our business had comparable store sales significantly higher than the company average," Stone said. "This is a clear indication that our CBC programs are connecting with customers."
During the meeting, shareholders elected David W. Bernauer, non-executive
chairman of
"Paul served during a time of tremendous growth, and his leadership on key board committees has been invaluable," said Niblock. "On behalf of the entire board, I'd like to thank him for his outstanding service to Lowe's and our shareholders over the past ten years."
Shareholders approved an amendment to the Employee Stock Purchase Plan to increase available shares by 25 million; ratified Deloitte & Touche as the company's independent public accountants for the 2007 fiscal year; and approved a shareholder proposal to elect all directors annually.
They rejected shareholder proposals to require minimum share ownership for director nominees; to require a separate annual report addressing progress toward implementation of the company's wood policy; to submit certain severance agreements to a shareholder vote; and to require bonuses and long- term compensation be awarded based on company performance compared to that of peers.
Earlier today, Lowe's announced that the board of directors has authorized
a share repurchase program of up to
"This authorization to repurchase Lowe's stock is an indication of the financial strength of the company and the board's confidence in it. With ongoing dividend payments, the share repurchase program allows us to continue to enhance the overall return to shareholders," Niblock added.
The board of directors declared a quarterly cash dividend of
Executive Vice President and Chief Financial Officer Robert F.
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
With fiscal year 2006 sales of
SOURCE Lowe's