(MOORESVILLE) -- Home improvement retailer Lowe's Cos. plans to repurchase up to $5 billion of its common stock. Although this new repurchase authorization has no expiration date, the company expects to use the full amount over the next two to three years.

The repurchases will be subject to market conditions and will be made from time to time either in the open market or through private transactions in accordance with the requirements of the Securities and Exchange Commission. The company's repurchase program may be suspended, discontinued or resumed at any time.

The Mooresville-based company's Board of Directors also declared a quarterly cash dividend of fourteen cents ($0.14) per share. The dividend is payable November 2, 2011, to shareholders of record as of October 19, 2011.