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Lowe's Companies, Inc. Declares Cash Dividend; Redeems Shareholder Rights Plan

MOORESVILLE, N.C., April 2 /PRNewswire-FirstCall/ -- The Board of Directors for Lowe's Companies, Inc. (NYSE: LOW) has declared a quarterly cash dividend of three cents ($0.03) per share, payable April 30, 2004, to shareholders of record as of April 16, 2004.

(Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO )

Lowe's has paid a cash dividend each quarter since going public in 1961.

The Board of Directors also announced it has voted to redeem the shareholder rights plan (commonly known as a "poison pill") adopted in 1998. The corporation will buy back the rights at the redemption price of one- twentieth of a cent ($0.0005) per right. One-half of a right is attached to each share of common stock. Payment of the rights redemption will be made with the dividend payment.

With fiscal year 2003 sales of $30.8 billion, Lowe's Companies, Inc. is a FORTUNE(R) 50 company that serves approximately 10 million customers a week at more than 950 home improvement stores in 45 states. In 2004, FORTUNE named Lowe's America's Most Admired Specialty Retailer for a second consecutive year. Based in Mooresville, N.C., the 58-year old company is the second- largest home improvement retailer in the world. For more information, visit Lowes.com .

SOURCE  Lowe's Companies, Inc.
    -0-                             04/02/2004
    /CONTACT:  Shareholders' & Analysts' Inquiries, Paul Taaffe,
+1-704-758-2033, or Media Inquiries, Chris Ahearn, +1-704-758-2304, both of
Lowe's Companies, Inc./
    /Photo:  NewsCom:  http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO
              AP Archive:  http://photoarchive.ap.org
              PRN Photo Desk, photodesk@prnewswire.com/
    /Web site:  http://www.lowes.com/
    (LOW)

CO:  Lowe's Companies, Inc.
ST:  North Carolina
IN:  REA
SU:  DIV SRP

PF-JK 
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8685 04/02/2004 13:30 EST http://www.prnewswire.com