Lowe's 2002 Annual Report Download - page 7

add to the work we’ve already done by rolling out enhanced electronic ordering with e-catalogs and EDI interfaces
with our key Special Order vendors.
Commercial Business Customers remain an important part of our business as well. Targeting repair and remodelers,
professional tradespeople and property maintenance professionals, Lowe’s is successfully growing this business. As we
continue to add stores in both new and existing markets, we become more and more convenient for these customers
whose time is money.
As another indication of the opportunity that lies ahead for Lowe’s, consider this. Of the 18 broad categories of
products Lowe’s sells, home centers hold a leading share in only five, and an over 40 percent share in only one. Our
opportunity is to continue to gain share in those categories, providing our customers new and exciting brands that
make Lowe’s a destination store for more and more of the products we sell.
And we’re making progress in that regard. Because of our increasingly convenient locations, in-stock products, and
every day low prices, Lowe’s is becoming a destination for a growing number of categories. We’re the nation’s second
largest and fastest-growing appliance retailer. We have enhanced the lighting category by adding brands once found
only in specialty retail shops, and Lowe’s has increased its focus on flooring to deliver better brands and innovative
products. We continue to be the exclusive retailer for American Tradition® ,recognized for two consecutive years by a
respected consumer testing group as one of the best paints in America. As consumers shift their shopping patterns,
Lowe’s is ensuring we have the right products available to meet every need.
We approach 2003 with cautious optimism despite the continued concerns of the broader macro-economic and
geopolitical environment. Lowe’s is ready to capitalize on the opportunities of a vibrant and growing home
improvement market.
Our recently announced executive management changes ensure that we have a strong team in place to lead Lowe’s
well into the future. Our merchandising organization is experienced and energized. Our operations team is committed
and focused on serving our customers. Our marketing programs are hitting home with American homeowners and the
commercial businesses that serve them. All of this is supported by an efficient logistics and distribution system that
ensures we have the right product, in the right stores, at the right time to meet our customers’ needs.
In 2003, Lowe’s and its team of 130,000 employees are raising the bar on our own performance. We will continue
to learn from our customers and constantly improve our efforts to enhance their shopping experience. This
commitment to customers will allow Lowe’s to build on the momentum we achieved in 2002, and continue to grow,
expand and thrive as we build a promising future for our customers, our employees and our shareholders.
Robert L. Tillman
Chairman of the Board and Chief Executive Officer
April 16, 2003 Wilkesboro, N.C.