Lowe's Announces $5 Billion Stock Buyback

Lowe's Cos. (LOW), the nation's second-largest home improvement retailer, said Monday that it will buy back up to $5 billion of its common stock.

While the repurchase program has no expiration date, the Mooresville, N.C., company said it plans to use the full amount over the next two to three years.

Lowe's board also announced that it is declaring a regular quarterly dividend of 14 cents. The dividend will be paid on Nov. 2 to shareholders of record on Oct. 19.

Last week Lowe's reported that its second-quarter net income was nearly flat due to volatile weather and shoppers' worries about the economy. The company also lowered its sales forecast for the second half of its fiscal year due to consumers' uncertainty.

Lowe's runs more than 1,725 stores in the U.S., Canada and Mexico.

Shares of the company closed Friday at $19.31.

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KrisGuch2

Home Depot is much better than Lowe's in every way.

August 23 2011 at 4:38 AM Report abuse rate up rate down Reply
con380

I beilieve the comments about JobKilling MatWart. About Lowes not so much.

August 23 2011 at 12:59 AM Report abuse rate up rate down Reply
Greg

It amazes me how many people judge Lowes, WM, whoever, but have never worked there. It's always things like "I've heard this, I've heard that", yet when you ask the employees how their job is they say it's okay. there are always dumbas### who feel like they know everything, and always people who are haters of big companies. Get a life and move on, idiots!

August 23 2011 at 12:34 AM Report abuse rate up rate down Reply
chromesst

I hate Lowes almost as much as I hate Walmart. They closed all these stores by us without giving us a headsup. When I went to pick up my order, there was paper covering the windows and it took me 2 months to get my order. I had a friend who worked there and they told him the day of that he had lost his job and they were closing the store. he said they treated all of them crap and no matter who they complained to in management, they didn't do anything. They had almost the whole store call the regional manager and complain how one of the male managers of the store was being inappropriate with the females, and they did nothing but tell them to try and worry about themselves. DOWN WITH LOWES AND WALMART, American will be a much better place once the consumers band together and boycott stores for good.

August 22 2011 at 11:44 PM Report abuse -1 rate up rate down Reply
Kevin

Lowes - 5 Billion stock buy-back.
Hewlett Packard - 10 Billion stock buy-back
Tax cuts for the 'Job Creators' creating jobs.
FAIL!

August 22 2011 at 4:04 PM Report abuse -2 rate up rate down Reply
Frank

Here's a thought - why not use some of that money to pay a decent wage and teach some of your supervisors how to treat people with respect.

August 22 2011 at 3:01 PM Report abuse -1 rate up rate down Reply
2 replies to Frank's comment
KKiegiel

I agree. They should invest that money in better help. Help is something to be desired. Need more training or better qualified personnel. Look at the Costco model!!!

August 22 2011 at 3:40 PM Report abuse +5 rate up rate down Reply
cda77

Don't shop there, duh

August 22 2011 at 3:51 PM Report abuse +2 rate up rate down Reply