Lowe’s Authorizes Plan to Repurchase $5 Billion of Shares Over Three Years

Lowe’s Cos., the second-largest U.S. home-improvement retailer, said it plans to buy back $5 billion of its own stock over the next two-to-three years.

Repurchases will be subject to market conditions and will be made in the open market or through private transactions, the Mooresville, North Carolina-based company said today in a statement. The buyback program may be suspended, discontinued or resumed at any time, Lowe’s also said.

The retailer said last week that profit in fiscal 2011 will be less than it previously projected amid a decline in sales at stores open a year or more. Homeowners buffeted by unemployment, declining stock portfolios and sagging property values are delaying kitchen, bathroom and other projects.

Read Full Article from Bloomberg

- Posted: 2011-08-22 08:13:58

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