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News Release

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Lowe's Comments on Third Quarter Comparable Store Sales Trends

-- Endorses $0.53 EPS Estimate for 3Q00 --

WILKESBORO, N.C. – Lowe’s Companies, Inc. (NYSE: LOW), the world’s second largest home improvement retailer, today provided an update to third quarter sales trends stating that comparable store sales results will be below the company’s prior guidance of 46 percent. Total sales for the third quarter are trending toward an increase of 18 percent over the same period last year. Despite the revised sales guidance, the company remains comfortable with the current First Call consensus estimate for third quarter earnings per share of $0.53 due to expense control and continued gross margin expansion. Lowe’s fiscal third quarter ends on October 27, 2000 with operating results to be publicly released on Monday, November 13, 2000.

“As previously discussed, comparable store sales performance is being negatively impacted by the remerchandising process at the stores formerly operating under the Eagle Hardware and Garden name, as well as significant deflation within the lumber and building materials categories,” commented Robert L. Tillman, Lowe’s chairman and CEO. “These factors have negatively impacted the company’s comparable store sales results for the third quarter by over 400 basis points. As a result, we now expect our third quarter comparable store sales results to be in the low single digits.”

“Our remerchandising plans for the former Eagle stores are complete and these stores are now operating as Lowe’s Home Improvement Warehouses,” Tillman continued. “Having completed this important milestone in integrating the former Eagle stores into the Lowe’s chain, we are encouraged by the progress that we have seen since the Labor Day transition and anticipate continuing improvement throughout the remainder of the year.”

This news release may include “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Although the company believes that comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Possible risks and uncertainties regarding these statements include, but are not limited to, the direction of general economic trends, the availability of real estate for expansion and its successful development, fluctuations in prices and availability of commodities, unanticipated increases in competition with home improvement chains, adverse weather conditions that affect sales, not fully realized cost savings from the Eagle merger, and greater than anticipated costs associated with the integration of the two businesses.

Lowe's Companies, Inc. is the world’s second largest home improvement retailer. Headquartered in Wilkesboro, N.C., Lowe’s is the 15th largest retailer in the U.S. as well as the 34th largest retailer worldwide. Lowe’s and its 100,000 employees are Improving Home Improvement for nearly five million do-it-yourself retail and commercial business customers each week. For more information, visit