(Source: PRNewswire-FirstCall)
CHARLOTTE, N.C., May 29 /PRNewswire-FirstCall/ -- Balance was the theme of the Lowe's Companies, Inc. annual meeting of shareholders today, as Chairman and CEO Robert A. Niblock outlined a future that continues to focus on customers, even in the face of ongoing economic pressures. Niblock told shareholders the company is managing through short-term challenges while keeping its eye on longer-term opportunities. He characterized the balance of those efforts as key to the company's success.
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"Winning the trust of consumers today with dominant product assortments, great value and outstanding customer service will bring customers back as they seek valued solutions for larger projects when the economy improves," said Niblock.
Lowe's gained unit market share in each quarter during 2008, and the trend continued for the first quarter of 2009 as the company continued to gain market share while increasing the company's customer satisfaction scores quarter after quarter.
"Our team continues to do a great job of anticipating customer needs in this challenging shopping environment," said Larry D. Stone, president and COO. "The decline in larger ticket discretionary projects last year led to more repair and maintenance projects and an overall resurgence in Do-It-Yourself (DIY) projects. The DIY customer took advantage of our simple, easy-to-understand offers that provide quality products at a great value."
Niblock thanked Lowe's 228,000 employees for their dedication in driving sales, managing expenses and delivering superior customer service, and thanked shareholders for their continuing support.
"As a 63-year-old company, we have faced many difficult eras before," Niblock added, "and in every instance we have emerged stronger. The efforts we are making now will ensure we are positioned to take advantage of near-term opportunities and prepare Lowe's for a prosperous future when economic conditions improve."
Today, the board of directors declared a quarterly cash dividend of $0.09 per share, an increase of 5.9 percent, payable on July 31, 2009, to shareholders of record as of July 17, 2009. Lowe's has paid a cash dividend each quarter since going public in 1961.
"While 2008 was a challenging year, we generated cash flow from operations of $4.1 billion and free cash flow of almost $900 million," CFO Robert F. Hull told shareholders. "As a result of our prudent management of the balance sheet and healthy cash flows, we enjoy one of the strongest credit ratings in retail."
During the meeting, shareholders re-elected board members Peter C. Browning, Marshall O. Larsen, Stephen F. Page, and O. Temple Sloan, Jr.
