Lowe's Cos., the nation's second-largest home improvement retailer, said Monday that it will buy back up to $5 billion of its common stock.
While the repurchase program has no expiration date, the Mooresville, N.C., company said it plans to use the full amount over the next two to three years.
Lowe's board also announced that it is declaring a regular quarterly dividend of 14 cents. The dividend will be paid on Nov. 2 to shareholders of record on Oct. 19.
Last week Lowe's reported that its second-quarter net income was nearly flat due to volatile weather and shoppers' worries about the economy. The company also lowered its sales forecast for the second half of its fiscal year due to consumers' uncertainty.
Lowe's runs more than 1,725 stores in the U.S., Canada and Mexico.
Shares of the company closed Friday at $19.31.