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News Release

Lowe's Companies, Inc. Declares Cash Dividend
Wilkesboro, N.C., October 3, 2001 – The Board of Directors for Lowe's Companies, Inc. (NYSE: LOW) has declared a quarterly cash dividend of two cents (2¢) per share, payable November 2, 2001, to shareholders of record as of October 19, 2001. Lowe's has paid a cash dividend each quarter since going public in 1961.

Recently, Lowe's reported net earnings of $329.1 million for the quarter ended August 3, 2001, a 17.7 percent increase over the same period a year ago. Diluted earnings per share increased 16.7 percent to $0.42 from $0.36 in the second quarter of 2000.

With 2000 sales of $18.8 billion, Lowe's Companies, Inc. is the world's second largest home improvement retailer. Headquartered in Wilkesboro, N.C., Lowe's is the 14th largest retailer in the U.S. as well as the 30th largest retailer worldwide. Lowe's and its 100,000 employees are Improving Home Improvement for over six million do-it-yourself retail and commercial business customers each week at more than 700 stores in 40 states. For more information, visit