Lowe's 2004 Annual Report Download - page 3

Our proud history of serving customers stretches back nearly 60 years.
Guided by a steadfast commitment to support our customers’ home improvement needs,
Lowe’s steady expansion mirrors the growth of home ownership in America
and is a reflection of our customers’ desires for comfort, self-expression and quality
throughout their homes. Our success is testament to the dedication of our more than
160,000 employees, who know that the best customer service, the best product
selection and everyday low prices are the foundation for our bright future. We are entering
2005 with six decades of successful operating experience, a long track record of consistent
growth and profitability, a clear vision of the future and a solid plan to get us there.
Company Profile »» Lowe’s Companies, Inc. is a $36.5 billion retailer, offering a complete line of home improvement products and services.
The company, through its subsidiaries, serves more than 11 million do-it-yourself, do-it-for-me and Commercial Business Customers each
week through 1,087 stores in 48 states. 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 26,000 square feet for 94K stores.
At the beginning of fiscal 2005, selling square footage totaled approximately 124 million. »» In 2004, the company opened 140 new stores, a
significant portion of which were in metropolitan markets. In 2005, the company plans to open 150 new stores and continue its emphasis on
cities with populations greater than 500,000 such as Boston, Chicago, Los Angeles, New York and Tampa. »» Lowe’s is an active supporter of
the communities it serves. The company is a national partner with both the American Red Cross and Habitat for Humanity International,
and supports numerous local charities. 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 59-year-old company employs more than 160,000 people. Approximately five 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. »»