Lowe's Cos. (LOW) Updates on Results from Annual Shareholders' Meeting; Announces 25% Dividend Hike

At its annual meeting of shareholders , Lowe's Companies, Inc. (NYSE: LOW) Chairman, President and CEO Robert A. Niblock informed shareholders that strategic investments focused on long-term growth and enhancing customer experiences enabled the company to deliver strong financial performance in 2015.

Niblock highlighted the company's continued emphasis on building omni-channel capabilities in order to meet customers whenever and wherever they choose to engage with Lowe's, which was further evidenced in 2015 by the opening of a third contact center located in Indianapolis and two urban stores in Manhattan, as well as the re-launch of LowesforPros.com. The company is also leveraging innovation to enrich customer experiences through new products, services and technologies, all setting the stage for future success as the economic outlook for the home improvement industry remains bright.

"We expect job and income levels to steadily strengthen, creating opportunity for greater discretionary spending among consumers," Niblock said. "And we're prepared to capitalize on this opportunity by delivering better customer experiences through our omni-channel capabilities while remaining committed to improving our productivity and profitability."

In addition, the company announced that the board of directors has declared a 25 percent increase in its quarterly cash dividend to 35 cents per share, payable Aug. 3, 2016, to shareholders of record as of July 20, 2016. Lowe's has declared a cash dividend every quarter since going public in 1961.

During the meeting, shareholders re-elected board members Raul Alvarez, Angela F. Braly, Laurie Z. Douglas, Richard W. Dreiling, Robert L. Johnson, Marshall O. Larsen, James H. Morgan, Robert A. Niblock and Eric C. Wiseman to one-year terms. Sandra B. Cochran, president and chief executive officer of Cracker Barrel, and Bertram L. Scott, senior vice president of Population Health and Value Based Care at Novant Health, were also elected to the board of directors.

Additionally, David W. Bernauer and Richard K. (Dick) Lochridge, who reached the company's mandatory retirement age of 72 during their current terms, retired today from Lowe's board of directors.

"We are grateful to both David and Dick for their service, leadership and dedication to Lowe's," said Niblock. "They have both brought meaningful insights and perspectives to our board."

Shareholders also ratified Deloitte & Touche LLP as the company's independent public accountant, approved the company's 2016 annual incentive plan, and approved, on an advisory basis, the compensation of the company's named executive officers.

Shareholder proposals regarding proxy access and publishing a separate sustainability report were defeated.

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