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News Release

Lowe's Reiterates Sales and Earnings Guidance for the Third Quarter

WILKESBORO, N.C. – Lowe’s Companies, Inc. (NYSE: LOW), the world’s second largest home improvement retailer, today provided an update to third quarter sales trends and expressed comfort with its previous guidance of 2 to 4 percent comparable store sales growth for the fiscal third quarter.

“On Tuesday, September 11, following the tragic events in New York, Washington and western Pennsylvania, we experienced a significant decline in comparable store sales,” stated Robert Niblock, Lowe’s senior vice president and CFO. “However, in the days following the attack we saw continued improvement in customer traffic and sales. Based on current trends and quarter-to-date results, we remain comfortable with prior sales guidance as well as earnings per share guidance of $0.30 to $0.32 for the quarter.”

“Our hearts and prayers go out to all those affected by the horrific events of September 11,” said Robert L. Tillman, Lowe’s chairman and CEO. “The American spirit is strong and our customers tell us that home and family mean more to them now than ever. Lowe’s remains committed to providing the products and services needed to enhance enjoyment of the home.”

Lowe’s fiscal third quarter ends on November 2, 2001 with operating results to be publicly released on Monday, November 19, 2001.

This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Although the company believes that comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Possible risks and uncertainties regarding these statements include, but are not limited to, the direction of general economic conditions, the availability of real estate for expansion and its successful development, particularly in major metropolitan markets, the availability of sufficient labor to facilitate growth, fluctuations in prices and availability of product, unanticipated impact of competition, legal or regulatory developments, and weather conditions that affect sales.

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. With over 100,000 employees, Lowe’s is Improving Home Improvement for over six million do-it-yourself retail and commercial business customers each week. For more information, or product, visit or shop us at lowes.com.