Lowe's Plans Nearly 300 New Stores Over Next 2 Years Sep 24, 2003

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U.S. home retailer Lowe's said at its annual conference that third quarter sales trends remain strong and the company remains optimistic about its current and future prospects.

Third quarter comparable-store sales are running ahead of previous expectations for a 5 percent to 6 percent increase for the quarter, according to the company.

Lowe's officials said the company expectc to add 140 and 150 new stores in fiscal 2004 and 2005, respectively, equating to approximately 13 percent to 15 percent square footage growth per year. That square footage growth should drive annual sales increases of about 17 percent for fiscal 2004 and 2005, according to the company.

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