December Comparable Store Sales Up 10.6%
North Wilkesboro, NC, January 7, 1999 -- Lowe's Companies, Inc. (NYSE: LOW) announced today that for the five-week period ended January 1, 1999, sales increased 23.7% to $1.21 billion from $978.3 million a year ago. The Company's comparable store sales for December 1998 increased 10.6%. Large stores (those larger than 80,000 square feet) had a comparable store sales increase of 10.2% in the month.
During the month, the Company opened two stores, relocated two stores and closed one older, smaller store. As of January 1, 1999, Lowe's operated 474 stores in 26 states.
As previously disclosed, in fiscal 1999, the Company will begin reporting sales results on a quarterly basis commencing with the release of first quarter earnings results.
Lowe's Companies, Inc. is the second largest retailer of home improvement products in the nation, serving over four million do-it-yourself retail and commercial business customers weekly through 474 stores in 26 states. Headquartered in North Wilkesboro, N.C., the 52-year old company employs over 65,000 people. More information on the company is available on Lowe's award-winning web site at http://www.lowes.com.
Shareholders' and Security Analysts' Inquiries:
Robert A. Niblock, Vice President and Treasurer 336-658-4860
Carson Anderson, Manager - Investor Relations 336-658-4385
Brian Peace, Director - Public Relations 336-658-4170