Lowe's Authorizes $5B Share Repurchase Program

The Board of Directors for Lowe's Companies, Inc. LOW has authorized the repurchase of up to $5 billion of the company's common stock. Although this new repurchase authorization has no expiration date, the company expects to use the full amount over the next two to three years. The repurchases will be subject to market conditions and will be made from time to time either in the open market or through private transactions in accordance with the requirements of the Securities and Exchange Commission. The company's repurchase program may be suspended, discontinued or resumed at any time. In addition, the Board of Directors has declared a quarterly cash dividend of fourteen cents ($0.14) per share, payable November 2, 2011, to shareholders of record as of October 19, 2011.