Lowe's Announces Expansion into Mexico

MOORESVILLE, N.C., Jan. 24 /PRNewswire-FirstCall/ -- As part of its strategy for long-term growth, Lowe's Companies, Inc. (NYSE: LOW) announced today it plans to expand into Mexico. Lowe's expects to open three to five stores in Monterrey in 2009, representing an investment of $18 to $20 million per store.

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"For several years, we have been evaluating opportunities to serve consumers in vibrant home improvement markets outside the United States," explained Robert A. Niblock, Lowe's chairman and CEO. "With homeownership rates in the market growing at a rapid pace, we see Monterrey as a tremendous opportunity to offer Lowe's products and services to homeowners and commercial customers in a superior shopping environment with customer service that is recognized as among the best in retail."

Lowe's plans to open three to five stores in Monterrey will create up to 800 new, direct jobs in the area. The company has established an office in Monterrey, which is led by Francisco Fernandez, vice president of Lowe's- Mexico. Fernandez will be responsible for managing Lowe's entry into Mexico as well as ongoing operations in the country to best serve the unique needs of Mexican consumers.

Fernandez joined Lowe's in 2002 with more than 16 years of experience in the home improvement industry, including seven years with Total Home (Alfa Group) in Monterrey. A third-generation retailer, Fernandez has significant experience in merchandising, marketing, supply chain and global sourcing. He has a degree in Mechanical and Administration Engineering and an M.B.A. from Instituto Tecnologico y de Estudios Superiores de Monterrey (I.T.E.S.M.) and diplomas in international commerce and marketing, also from I.T.E.S.M.

Lowe's currently operates retail stores in the United States and, as previously announced, is on track with plans to open six to ten stores in the greater Toronto area beginning in the fall of this year.

Statements made in this release may include "forward-looking statements," as such are provided for by the Private Securities Litigation Reform Act of 1995 (the "Act"). All statements other than those reciting historic fact are statements that could be "forward-looking statements" under the Act. Such forward-looking statements may be found in, among other places, the discussions, presentations, or comments from management regarding the company's future operations and performance; proposed new locations, products, services, or developments; conditions or performance of local economies; and any statement of an assumption underlying any of the foregoing. Statements containing words such as "expects," "plans," "strategy," "projects," "believes," "opportunity," "anticipates," "desires," and similar expressions are intended to highlight or indicate "forward-looking statements." Although the company believes that the expectations, opinions, projections, and comments reflected in our 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 and other energy costs, and other factors which can negatively affect customers, as well as the company's ability to: (i) respond to a 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 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. In addition to the foregoing, the company's expansion into non-U.S. markets presents additional risks and uncertainties, including, but not limited to, operating in a different business, legal and regulatory environment that could affect the company's ability to achieve the goals and objectives stated in this release. Additional information regarding the risks and uncertainties which affect the company's operations and economic results can be found in its filings with the Securities and Exchange Commission.

Any forward-looking statement contained in the news release, or materials referenced herein, are based upon data now available and speak only as of the date of this release. We expressly disclaim any obligation to update or revise such statements, whether as a result of new information, change in circumstances, future events, or otherwise.

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 1,375 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.