Gregory Bridgeford, executive vice president of business development with Mooresville, NC-based Lowe's, says the chain is positioned to continue gaining market share in the highly fragmented industry. "While a pullback in the pace of our expansion is appropriate given the pressures in many markets, we continue to see opportunity for new store growth in the years ahead," Bridgeford said in prepared remarks Wednesday for the company's annual conference in Charlotte with analysts and investors.

Robert Niblock, Lowe's chairman and CEO, notes that the company is trying to prudently manage expenses while looking for ways to drive efficiencies. "I am confident our heightened focus on the fundamentals, along with our ongoing investments, will continue to enable us to capitalize on opportunities both today and when the environment improves," Niblock says.

Lowe's is scheduled to release financial results Nov. 17 for its fiscal third quarter, which ends Oct. 31. Company executives told analysts they expect comparable store sales to decline as much as 7% this year, with no more than 1% growth in 2009.