Lowe's 2013 Annual Report Download - page 5

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We have a disciplined approach to capital allocation.
We are investing in capabilities that create simpler,
differentiated and omni-channel home improve-
ment experiences; in maintaining and upgrading
our infrastructure; and in international markets
where our home improvement expertise can create
value. We expect these investments to yield com-
pelling long-run returns, and we will return excess
cash to shareholders through dividends and share
repurchases.
We likewise have a disciplined approach to lever-
aging our existing assets through improved capa-
bilities within our existing stores and across other
channels. We expect that our strategic investments,
combined with disciplined operational management,
will help deliver strong operating profit growth and
higher returns on invested capital. We are still in
the early stages of the housing recovery, so we
expect to continue to improve these measures as
we offer even better customer experiences within
an extended cycle of home improvement growth.
We are setting a course to deliver the best cus-
tomer experiences in home improvement. I believe
even better results await us, and our shareholders,
on the horizon.
Robert A. Niblock
Chairman of the Board, President
and Chief Executive Officer
LOWE’S COMPANIES, INC. 2013 ANNUAL REPORT 3