The board of directors of appliance retailer Lowe's Companies, Inc. approved an increase in its current share repurchase program of up to U.S. $1 billion, effective immediately.
As of Feb 1, 2006, $226 million remained under the previous share repurchase authorization, providing total capacity of up to $1.23 billion of repurchases through fiscal 2007.
The company said the program is intended to be implemented through purchases made from time to time in either the open market or through private transactions, in accordance with Securities and Exchange Commission requirements.
"Lowe's has returned over $2 billion to our shareholders over the past 2 years through our ongoing share repurchase program and regular dividend payments," commented Robert A. Niblock, Lowe's chairman, president and CEO. "These programs, coupled with our continued investment in both new and existing stores, have led to a solid return for our shareholders."
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