ABJ - Aug 22 - The Board of Directors for Lowe's Companies, Inc. has authorized the repurchase of up to $5 billion of the company's common stock.

Although this new repurchase authorization has no expiration date, the company expects to use the full amount over the next two to three years.

The repurchases will be subject to market conditions and will be made from time to time either in the open market or through private transactions in accordance with the requirements of the Securities and Exchange Commission. The company's repurchase program may be suspended, discontinued or resumed at any time.

In addition, the Board of Directors has declared a quarterly cash dividend of 14 cents per share, payable November 2, 2011, to shareholders of record as of October 19, 2011.

Fiscal year 2010 sales reached $48.8 billion. With that announcement, Lowe Chairman, President and CEO Robert Niblock said in a statement, “Despite some recovery in our seasonal business, our performance for the quarter fell short of our expectations. We are working diligently to improve sales and profitability in the near-term in a way that we believe will generate sustained customer preference and shareholder value.

“We are also building momentum in 2011 behind our longer-term commitment to deliver even better customer experiences.”

Lowe's Companies serves about 15 million customers a week at more than 1,725 home improvement stores in the United States, Canada and Mexico. Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest home improvement retailer in the world.