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Lowe's Plans $1 Billion Buyback

The company says $226 million remains under a previous plan.
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The board of


(LOW) - Get Lowe's Companies, Inc. Report

has approved a $1 billion increase in the company's share repurchase program.

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After the close of trading Wednesday, the North Carolina-based seller of lumber and power tools said that $226 million remains under a previous buyback plan, an amount that will still be available along with the new repurchase authorization. Lowe's said it will buy back stock from time to time in the open market or through private transactions.

"Lowe's has returned over $2 billion to our shareholders over the past two years through our ongoing share repurchase program and regular dividend payments," said Robert A. Niblock, Lowe's chairman, president and CEO. "These programs, coupled with our continued investment in both new and existing stores, have led to a solid return for our shareholders."

Shares of Lowe's were gaining 77 cents, or 1.2%, to $64.10 in after-hours trading. The stock fell 22 cents during the regular session.