North Wilkesboro, NC, November 5, 1998 -- Lowe’s Companies, Inc. (NYSE: LOW) announced today that for the four-week period ended October 30, 1998, sales increased 19.7% to $924.2 million from $772.3 million a year ago. The Company’s comparable store sales for October 1998 increased 5.0%. Large stores (those larger than 80,000 square feet) had a comparable store sales increase of 5.1% in the month.
Third quarter sales totaled $3.00 billion, an 18.6% increase over third quarter 1997. Comparable store sales for the third quarter were +4.4%. Large stores had a comparable store sales increase of 5.0% in the third quarter.
During the month, the Company opened seven stores (including two Contractor Yards), relocated one store and closed one older, smaller store. As of October 30, 1998, Lowe’s operated 465 stores in 26 states.
Also, effective for the first quarter of fiscal 1999, the Company will begin reporting sales results on a quarterly basis concurrent with its quarterly earnings results.
Lowe’s C ompanies, Inc. is the second largest retailer of home improvement products in the world with specific emphasis on do-it-yourself retail and commercial business customers. Lowe’s was recently ranked in Fortune magazine’s inaugural list of "The 100 Best Companies to Work For in America" and currently employs more than 65,000 people.
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