North Wilkesboro, NC, October 8 -- Lowe’s Companies, Inc. (NYSE: LOW) announced that for the five-week period ended October 2, 1998, sales increased 17.8% to $1.16 billion from $985.1 million in the comparable period a year ago. The Company’s comparable store sales for September 1998 increased 4.1%. Large stores (those larger than 80,000 square feet) had a comparable store sales increase of 5.0% in the month.
During the month, the Company opened three stores, relocated two stores and closed four older, smaller stores. As of October 2, 1998, Lowe’s operated 459 stores in 26 states.
In addition, Lowe’s Board of Directors declared a quarterly cash dividend of 3 cents per share. The dividend will be paid on October 30, 1998 to shareholders of record on October 16, 1998.
Lowe’s Companies, 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 inaug ural 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