Lowe's to buy back up to $5 billion of its shares

MOORESVILLE, N.C. (AP) ? Home improvement retailer Lowe's Cos. says 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 says it plans to use the full amount over the next two to three years.

Lowe's board also announced Monday that it is declaring a quarterly dividend of 14 cents per share. 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.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-08-22-Lowe's-Buyback/id-17d45e549022453a8fdbee3359946f1d

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