Lowe's to focus on growth at annual meeting

Lowe's Companies, which recently updated its fiscal year earnings guidance to be at the low end or slightly below its prior guidance of $1.97 to $2.01, announced today that it will discuss its initiatives for growth at its annual conference Tuesday in Charlotte, N.C.

"Even as we face easier prior-year sales comparisons as we progress through the year, many uncertainties remain, and it seems prudent to further temper our sales and earnings outlook," commented Robert Niblock, Lowe's chairman and ceo. "While sales trends remain pressured in many parts of the country, we are focused on leveraging Lowe's assets of solid customer relationships, dedicated employees and the best stores in the industry to capture market share and position the company for continued long-term success," Niblock added.

The company said evp and cfo Robert Hull, Jr. will provide an outlook for fiscal years 2008 through 2010 and share Lowe's future store growth plans. According to Hull, the company expects total sales to increase 8% to 11% per year over the next three years and earnings per share to average 12% to 15% growth per year over the three-year period.

Lowe's also announced that it will present on the company's key programs and initiatives to improve operations, continually enhance customer service and increase market share. Programs and initiatives include driving revenue to its existing store base, improving the in-store experience, and restructuring its logistics and distribution infrastructure.