Lowe's 2003 Annual Report Download - page 3

In 2003, Lowe’s served 520,605,244 customers. The customers who came
through our doors expected our shelves to be stocked with quality products at
everyday low prices as well as complete home improvement solutions to enable
them to add the personal touches to turn their houses into homes. They return
time and time again knowing that Lowe’s employees are striving to exceed their
expectations by treating each customer as Lowe’s most important customer.
Investing in what matters. To our customers, home ownership is about more than just a roof over your head.
It is the American dream, an expression of their individuality and an investment that is the centerpiece of their lives. We are
pleased our customers have chosen Lowe’s to help enhance their home and improve their investment. We stand ready to serve
them with an unwavering commitment to offer the best brands at everyday low prices with exceptional service that shows our
customers they are Lowe’s most important customer.
Our continued expansion in metropolitan as well as small-market areas has increased our national presence and market
penetration. But our growth goes beyond geographic expansion of stores. With exciting new products and improved
installation and special order capabilities, our customers are finding more than just home improvement products in our stores.
They are finding well-trained, knowledgeable employees, backed by state-of-the-art technology and an experienced
management team who understands that sustainable success is dependent on serving and satisfying nearly 521 million
customers … one at a time.
Company Profile // Lowe’s Companies, Inc. is a $30.8 billion retailer of a complete line of home improvement products, equipment and
services. The company, through its subsidiaries, serves more than 10 million do-it-yourself and commercial business customers each week
through more than 950 stores in 45 states. Named FORTUNE®magazine’s Most Admired Specialty Retailer for the second year in a row,
Lowe’s is the world’s second largest home improvement retailer and the 11th largest retailer in the U.S. // Lowe’s expansion continues,
opening a new store on average every three days. The company’s expansion plans include two prototypes, a 116,000-square-foot (116K)
store for large markets and a 94,000-square-foot (94K) store used primarily to serve smaller markets. Both prototypes include a lawn and
garden center averaging an additional 31,000 square feet for 116K stores and an additional 26,000 square feet for 94K stores. At the
beginning of 2004, square footage totaled approximately 109 million square feet. // In 2003, the company opened 130 new stores, the
majority of which were in metropolitan markets. In 2004, the company plans to open 140 new stores and continue its emphasis on cities
with populations greater than 500,000, such as New York, Tampa, and Los Angeles. Lowe’s is an active supporter of the communities it
serves. Through the Lowe’s Heroes volunteer program and the Home Safety Council, the company provides help to civic groups with public
safety projects and shares important home safety and fire prevention information with neighborhoods across the country. // Headquartered
in Mooresville, N.C., the 58-year-old company employs 147,000 people. Approximately 6 percent of Lowe’s stock is owned by employees
through the Lowe’s 401(k) plan. Lowe’s is committed to understanding and reflecting its communities’ diverse cultures in staffing, business
partnerships and the products it sells. Lowe’s is committed to making diversity and inclusion a natural part of the way it does business. //
Lowe’s has been a publicly held company since October 10, 1961. The stock is listed on the New York Stock Exchange with shares trading
under the symbol LOW. For more information, visit www.Lowes.com. //