Lowe's 1997 Annual Report Download - page 18

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Lowe’s Executive Management Committee
Robert L. Tillman - Chairman of the Board, President and Chief Executive Officer
Gregory M. Bridgeford - Senior Vice President and General Merchandise Manager
Richard D. Elledge - Senior Vice President, Chief Accounting Officer and Assistant Secretary
Lee Herring - Senior Vice President, Logistics
William L. Irons - Senior Vice President , Management Information Services
W. Cliff Oxford - Senior Vice President, Corporate and Human Development
William D. Pelon - Senior Vice President, Store Operations
Dale C. Pond - Senior Vice President, Marketing
David E. Shelton - Senior Vice President, Real Estate/Engineering & Construction
Larry D. Stone - Executive Vice President and Chief Operating Officer
William C. Warden, Jr. - Executive Vice President, General Counsel, Secretary and Chief Administrative Officer
Gregory J. Wessling - Senior Vice President and General Merchandise Manager
Thomas E. Whiddon - Executive Vice President and Chief Financial Officer
Disclosure Regarding Forward-Looking Statements
This Annual Report includes “ forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E
of the Exchange Act. All statements other than statements of historical facts included in the Annual Report, including certain statements
in the “ Shareholders’ Letter,” “ How Can We Help You Today?” and “ Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and located elsewhere herein regarding the Company’s financial position and business strategy, may constitute
forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are
reasonable; it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual
results to differ materially from the Company’s expectations (cautionary statements) are:
• The Company’s sales are dependent on the general economic health of the country, variations in the number of new housing starts, the
level of repairs, remodeling and additions to existing homes, commercial building activity, and the availabilty and cost of financing. An
economic downturn can adversely affect sales because much of the Company’s products are purchased by consumers for discretionary
projects, which can readily be deferred.
• The Company’s expansion strategy may be impacted by environmental regulations, local zoning issues and delays, and more stringent
land use regulations than it has traditionally experienced.
• Many of the Company’s products are commodities whose price fluctuates erratically within an economic cycle, a condition true with
respect to lumber and plywood.
• The Company’s business is highly competitive, and as it expands to larger markets the Company may face new forms of competition
which do not exist in markets it has traditionally served.
• The ability of the Company to continue its everyday competitive pricing strategy and provide the products that consumers desire
depends on the vendor community providing a reliable supply of inventory at competitive prices.
• On a short-term basis, inclement weather may impact sales performance of certain product groups such as lawn and garden, lumber,
and building materials.
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