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<p class="MsoNormal" align="center" style="text-align:center">&nbsp;</p>
<p class="MsoNormal" align="center" style="text-align:center"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
</b>Washington, D.C. 20549<br>
<b><font size="4"><br>
<br>
FORM
8-K<br>
<br>
</font>CURRENT REPORT<br>
PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
SECURITIES EXCHANGE ACT OF 1934</b></p>
<p class="MsoNormal">&nbsp;</p>
<div align="center">
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
    <tr>
      <td width="319" valign="top" style="width:239.4pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal">Date of Report (Date of earliest event reported) </td>
      <td width="319" valign="top" style="width:239.4pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="left"><b>May 19,
      2003</b></td>
    </tr>
  </table>
</div>
<p class="MsoNormal">&nbsp;</p>
<div align="center">
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
    <tr>
      <td width="638" valign="top" style="width:6.65in;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center"><b>LOWE'S</b><font size="2">
      </font><b>
      COMPANIES,&nbsp; INC.</b></td>
    </tr>
    <tr style="height:1.0pt">
      <td width="638" valign="top" style="width: 6.65in; height: 1.0pt; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in; background: #FFFFFF">
      <p class="MsoNormal" align="center" style="text-align:center">&nbsp;</td>
    </tr>
    <tr>
      <td width="638" valign="top" style="width:6.65in;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center">(Exact name
      of registrant as specified in its charter)</td>
    </tr>
  </table>
</div>
<p class="MsoNormal">&nbsp;&nbsp;&nbsp;</p>
<div align="center">
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
    <tr>
      <td width="204" valign="top" style="width:153.0pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center"><b>North
      Carolina</b></td>
      <td width="30" valign="top" style="width:22.5pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center"><b>&nbsp;&nbsp;&nbsp;</b></td>
      <td width="192" valign="top" style="width:2.0in;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center"><b>1-7898</b></td>
      <td width="30" valign="top" style="width:22.5pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center"><b>&nbsp;&nbsp;&nbsp;</b></td>
      <td width="181" valign="top" style="width:135.9pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center"><b>
      56-0578072</b></td>
    </tr>
    <tr style="height:1.0pt">
      <td width="204" valign="top" style="width: 153.0pt; height: 1.0pt; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in; background: #FFFFFF">
      <p class="MsoNormal" align="center" style="text-align:center">&nbsp;</td>
      <td width="30" valign="top" style="width:22.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt" bgcolor="#FFFFFF">
      <p class="MsoNormal" align="center" style="text-align:center">&nbsp;</td>
      <td width="192" valign="top" style="width: 2.0in; height: 1.0pt; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in; background: #FFFFFF">
      <p class="MsoNormal" align="center" style="text-align:center">&nbsp;</td>
      <td width="30" valign="top" style="width:22.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt" bgcolor="#FFFFFF">
      <p class="MsoNormal" align="center" style="text-align:center">&nbsp;</td>
      <td width="181" valign="top" style="width: 135.9pt; height: 1.0pt; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in; background: #FFFFFF">
      <p class="MsoNormal" align="center" style="text-align:center">&nbsp;</td>
    </tr>
    <tr>
      <td width="204" valign="top" style="width:153.0pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center">(State or
      other jurisdiction <br>
      of incorporation)</td>
      <td width="30" valign="top" style="width:22.5pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center">&nbsp;</td>
      <td width="192" valign="top" style="width:2.0in;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center">(Commission
      File <br>
      Number)</td>
      <td width="30" valign="top" style="width:22.5pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center">&nbsp;</td>
      <td width="181" valign="top" style="width:135.9pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center">(IRS
      Employer<br>
      &nbsp;Identification No.)</td>
    </tr>
  </table>
</div>
<p class="MsoNormal">&nbsp;&nbsp;</p>
<div align="center">
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
    <tr>
      <td width="383" valign="top" style="width:287.6pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal"><b>1605 Curtis Bridge Road, Wilkesboro, NC</b></td>
      <td width="86" valign="top" style="width:64.3pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center"><b>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></td>
      <td width="169" valign="top" style="width:126.9pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center"><b>28697</b></td>
    </tr>
    <tr style="height:1.0pt">
      <td width="383" valign="top" style="width: 287.6pt; height: 1.0pt; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in; background: #FFFFFF">
      <p class="MsoNormal">&nbsp;</td>
      <td width="86" valign="top" style="width:64.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt" bgcolor="#FFFFFF">
      <p class="MsoNormal" align="center" style="text-align:center">&nbsp;</td>
      <td width="169" valign="top" style="width: 126.9pt; height: 1.0pt; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in; background: #FFFFFF">
      <p class="MsoNormal" align="center" style="text-align:center">&nbsp;</td>
    </tr>
    <tr>
      <td width="383" valign="top" style="width:287.6pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal">(Address of principal executive offices)</td>
      <td width="86" valign="top" style="width:64.3pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center">&nbsp;</td>
      <td width="169" valign="top" style="width:126.9pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center">(Zip Code)</td>
    </tr>
  </table>
</div>
<p class="MsoNormal">&nbsp;</p>
<div align="center">
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
    <tr>
      <td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal">Registrant's telephone number, including area code</td>
      <td width="295" valign="top" style="width:221.4pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="left"><b>(336)
      658-4000</b></td>
    </tr>
    <tr style="height: 1.0pt">
      <td width="343" valign="top" style="width:257.4pt;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt" bgcolor="#FFFFFF">
      <p class="MsoNormal">&nbsp;</td>
      <td width="295" valign="top" style="width: 221.4pt; height: 1.0pt; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in; background: #FFFFFF">
      <p class="MsoNormal" align="center" style="text-align:center"><b>&nbsp;</b></td>
    </tr>
  </table>
</div>
<p class="MsoNormal">&nbsp;</p>
<div align="center">
&nbsp;<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
    <tr style="height:1.0pt">
      <td width="638" valign="top" style="width: 6.65in; height: 1.0pt; background-color: #FFFFFF; background-repeat: repeat; background-attachment: scroll; border-bottom-style: solid; border-bottom-width: 0; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in; background-position: 0%">
      <p class="MsoNormal" align="center" style="text-align:center">&nbsp;</td>
    </tr>
    <tr>
      <td width="638" valign="top" style="width:6.65in;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" align="center" style="text-align:center">(Former name
      or former address if changed since last report)</td>
    </tr>
  </table>
</div>
<p class="MsoNormal" style="text-align:justify"><br>
&nbsp;</p>
<div align="center">
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
    <tr>
      <td width="70" valign="top" style="width:52.3pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal"><b><u>Item 7</u></b>.</td>
      <td width="37" valign="top" style="width:28.05pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal"><b>&nbsp;</b></td>
      <td width="515" colspan="3" valign="top" style="width:386.3pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal"><font size="3"><u><b>Financial Statements, ProForma Financial
      Information and Exhibits<br>
      <br>
      </b></u>99.1&nbsp;
      Press Release, dated May 19, 2003, announcing the financial results of
      Lowe's Companies, Inc. (the &quot;Company&quot;) for its first quarter ended May 2, 2003.</font></p>
      </td>
    </tr>
    <tr>
      <td width="70" valign="top" style="width:52.3pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
      <td width="37" valign="top" style="width:28.05pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
      <td width="515" colspan="3" valign="top" style="width:386.3pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
    </tr>
    <tr>
      <td width="70" valign="top" style="width:52.3pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" style="text-align:justify"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></td>
      <td width="37" valign="top" style="width:28.05pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal"><b>&nbsp;</b></td>
      <td width="515" colspan="3" valign="top" style="width:386.3pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal"><b>&nbsp;</b></td>
    </tr>
    <tr>
      <td width="70" valign="top" style="width:52.3pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" style="text-align:justify"><b><u>Item 9</u></b>.</td>
      <td width="37" valign="top" style="width:28.05pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal"><b>&nbsp;</b></td>
      <td width="515" colspan="3" valign="top" style="width:386.3pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal"><b><u>Regulation FD Disclosure</u></b></p>
      <p class="MsoNormal"><b><u></u></b>&nbsp;&nbsp;&nbsp;&nbsp;
      This Current Report on Form 8-K and the earnings news release attached
      hereto are being furnished by the Company pursuant to Item 12 of Form 8-K
      (&quot;Results of Operations and Financial Condition&quot;), in accordance
      with Securities and Exchange
      Commission Release Nos. 33-8216; 34-47583.</p>
      <p class="MsoNormal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On May 19, 2003,
      the Company issued a news release, furnished as Exhibit 99.1 and
      incorporated herein by reference, announcing the Company's financial
      results for the quarter ended May 2, 2003.</p>
      </td>
    </tr>
    <tr style="page-break-inside:avoid">
      <td width="70" valign="top" style="width:52.3pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal">&nbsp;</td>
      <td width="37" valign="top" style="width:28.05pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" style="text-align:justify"><b>&nbsp;</b></td>
      <td width="36" valign="top" style="width:27.0pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" style="text-align:justify">&nbsp;</td>
      <td width="479" colspan="2" valign="top" style="width:359.3pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" style="text-align:justify">&nbsp;</td>
    </tr>
    <tr style="page-break-inside:avoid">
      <td width="70" valign="top" style="width:52.3pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal">&nbsp;</td>
      <td width="37" valign="top" style="width:28.05pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" style="text-align:justify"><b>&nbsp;</b></td>
      <td width="36" valign="top" style="width:27.0pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" style="text-align:justify">&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td width="54" valign="top" style="width:40.5pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" style="text-align:justify">&nbsp;</td>
      <td width="425" valign="top" style="width:318.8pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" style="text-align:justify">&nbsp;</td>
    </tr>
    <tr style="page-break-inside: avoid">
      <td width="70" valign="top" style="width:52.3pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal">&nbsp;</td>
      <td width="37" valign="top" style="width:28.05pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" style="text-align:justify"><b>&nbsp;</b></td>
      <td width="36" valign="top" style="width:27.0pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" style="text-align:justify">&nbsp;</td>
      <td width="54" valign="top" style="width:40.5pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" style="text-align:justify">&nbsp;</td>
      <td width="425" valign="top" style="width:318.8pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal" style="text-align:justify">&nbsp;</td>
    </tr>
  </table>
</div>
<p class="MsoNormal" align="center" style="text-align:center"><b><br>
<br>
SIGNATURES</b></p>
<div align="center">
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
    <tr style="page-break-inside: avoid">
      <td width="622" valign="top" style="width:466.65pt;padding:0in 5.4pt 0in 5.4pt">
      <p class="MsoNormal">&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities
      Exchange Act of 1934, the Registrant has duly caused this report to be
      signed on its behalf by the undersigned hereunto duly authorized.</td>
    </tr>
  </table>
</div>
<p class="MsoNormal">&nbsp;</p>
<div align="center">
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
    <tr style="page-break-inside:avoid">
      <td width="180" valign="top" style="width:135.3pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="175" style="width:131.1pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="270" colspan="2" style="width:202.5pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal" align="center" style="text-align:center"><b>LOWE'S
      COMPANIES, INC.</b></td>
    </tr>
    <tr style="page-break-inside:avoid">
      <td width="180" valign="top" style="width:135.3pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="175" style="width:131.1pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="270" colspan="2" style="width:202.5pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal" align="center" style="text-align:center">(Registrant)</td>
    </tr>
    <tr>
      <td width="180" valign="top" style="width:135.3pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="175" style="width:131.1pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="35" style="width:25.95pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="235" style="width:176.55pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
    </tr>
    <tr>
      <td width="180" valign="top" style="width:135.3pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="175" style="width:131.1pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="35" style="width:25.95pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="235" style="width:176.55pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
    </tr>
    <tr>
      <td width="180" valign="top" style="width:135.3pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="175" style="width:131.1pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">Date:&nbsp;&nbsp;May 19, 2003</td>
      <td width="35" style="width:25.95pt;padding:0in 0in 0in 0in">
      <p class="MsoFooter">By:</td>
      <td width="235" style="width: 176.55pt; border-bottom-style: solid; padding: 0in">
      <p class="Style"><b>/</b>s/ Kenneth W. Black, Jr.</td>
    </tr>
    <tr>
      <td width="180" valign="top" style="width:135.3pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="175" style="width:131.1pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="35" style="width:25.95pt;padding:0in 0in 0in 0in">
      <p class="MsoFooter">&nbsp;</td>
      <td width="235" style="width:176.55pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenneth W. Black, Jr.</td>
    </tr>
    <tr>
      <td width="180" valign="top" style="width:135.3pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="175" style="width:131.1pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="35" style="width:25.95pt;padding:0in 0in 0in 0in">
      <p class="MsoFooter">&nbsp;</td>
      <td width="235" style="width:176.55pt;padding:0in 0in 0in 0in">
      <p class="Style">Senior Vice President and Chief&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting Officer</td>
    </tr>
    <tr>
      <td width="180" valign="top" style="width:135.3pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="175" style="width:131.1pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
      <td width="35" style="width:25.95pt;padding:0in 0in 0in 0in">
      <p class="MsoFooter">&nbsp;</td>
      <td width="235" style="width:176.55pt;padding:0in 0in 0in 0in">
      <p class="MsoNormal">&nbsp;</td>
    </tr>
  </table>
</div>
<p class="MsoNormal" style="border-style: solid; border-color: #FFFFFF">&nbsp;</p>
<p class="MsoNormal">&nbsp;<br>
&nbsp;</p>
<p class="MsoNormal" align="center" style="text-align:center"><b>LOWE'S
COMPANIES, INC.<br>
EXHIBIT INDEX<br>
&nbsp;</b></p>
<div align="center">
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse" width="670">
    <tr>
      <td width="97" valign="top" style="padding-left: 3.95pt; padding-right: 3.95pt; padding-top: 0in; padding-bottom: 0in">
      <p class="MsoNormal" align="center"><b>Exhibit No.</b></td>
      <td width="15" valign="top" style="padding-left: 3.95pt; padding-right: 3.95pt; padding-top: 0in; padding-bottom: 0in">
      <p class="MsoNormal"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></td>
      <td width="259" valign="top" style="padding-left: 3.95pt; padding-right: 3.95pt; padding-top: 0in; padding-bottom: 0in">
      <p class="MsoNormal"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject Matter</b></td>
      <td width="251" valign="top" style="padding-left: 3.95pt; padding-right: 3.95pt; padding-top: 0in; padding-bottom: 0in">
      <p class="MsoNormal"><b>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></td>
    </tr>
  </table>
</div>
<p class="MsoNormal" style="text-indent: -93.0pt; margin-left: 1.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Press Release,
dated May 19, 2003, announcing financial results for the Company's&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
quarter
ended May 2, 2003.</p>
<p><br>
<br>
<br>
&nbsp;<b>EXHIBIT 99.1</b></p>
<b>
<p>&nbsp;</b>May 19, 2003</p>
<p>&nbsp;For 7:00 am EDT Release</p>
<font SIZE="3">
<p ALIGN="CENTER">&nbsp;</p>
<b>
<p>&nbsp;Contacts:</b>  <b>Shareholders'/Analysts'
Inquiries:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Media Inquiries:</p>
</b>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Paul Taaffe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chris Ahearn<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
336-658-5239&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
336-658-7387</p>
<p>&nbsp;</p>
</font><b>
<p ALIGN="CENTER">LOWE'S REPORTS RECORD EARNINGS FOR FIRST QUARTER</p>
<p ALIGN="CENTER">-- First Quarter Net Earnings Increased 21.7 Percent --</p>
<p ALIGN="CENTER">-- First Quarter Total Sales Increased 11.4 Percent --<br>
</p>
<p>WILKESBORO, N.C.</b> - Lowe's Companies, Inc. (NYSE: LOW), the world's
second largest home improvement retailer, today reported net earnings of $421
million for the quarter ended May 2, 2003, a 21.7 percent increase over the same
period a year ago. Diluted earnings per share increased 20.5 percent to $0.53
from $0.44 in the first quarter of 2002.</p>
<p>Sales for the quarter increased 11.4 percent to $7.21 billion, up from $6.47
billion in the first quarter of 2002. Comparable store sales for the first
quarter increased 0.1 percent.</p>
<p>&quot;A strong housing market and improving consumer confidence continue to
support the American conviction to invest in the home despite the effect of
adverse weather and uncertain world events,&quot; commented Robert L. Tillman,
Lowe's chairman and CEO. &quot;In a society where home is increasingly the
centerpiece of the American dream, Lowe's makes it easy for our customers to
express their unique taste and style by providing compelling stores,
knowledgeable service, and great products at guaranteed low prices.&quot;</p>
<p>During the quarter, Lowe's opened 21 new stores. As of May 2, 2003, Lowe's
operated 875 stores in 45 states representing 97.2 million square feet of retail
selling space, a 12.9 percent increase over last year.</p>
<p>A conference call to discuss first quarter 2003 operating results is
scheduled for today (Monday,&nbsp;May 19) at 9:00 a.m. EDT. Please dial
888-817-4020 (international callers dial 706-679-3245) to participate. A webcast
of the call will take place simultaneously and can be accessed by visiting Lowe's
website at www.lowes.com and clicking on
About Lowe's, Investor Information, Shareholder Services, Calendar of Events.
A replay of the call will be archived on www.lowes.com for 7 days.</p>
<p><b>Comments Regarding Adoption of Emerging Issues Task Force Issue 02-16</b></p>
<p>Emerging Issues Task Force (&quot;EITF&quot;) Issue 02-16, &quot;Accounting
by a Customer (including a Reseller) for Certain Consideration Received from a
Vendor&quot;, was issued by the EITF in November 2002 with transition provisions
subsequently issued in January 2003.&nbsp; The January 2003 transition rules
stated that this issue would apply to all agreements entered into or
significantly modified after December 31, 2002.</p>
<p>As we have previously announced, our current accounting treatment for vendor
provided funds is consistent with the provisions of this issue with the
exception of cooperative advertising allowances or co-op.&nbsp; We currently
account for co-op as direct offsets against advertising expenses.&nbsp; Under
EITF 02-16, these types of funds can only be used to offset advertising expenses
if the co-op funds are a reimbursement of a specific, identifiable and
incremental cost incurred by Lowe's in selling the vendor's product.</p>
<p>We do not expect this issue to have a material impact on our fiscal 2003
financial statements since substantially all of our cooperative advertising
allowance agreements for fiscal 2003 were entered into prior to December 31,
2002.</p>
<p>We have assessed the historic volume of co-op reimbursements that have been
received in order to determine which of these reimbursements would meet the
specific, identifiable and incremental criteria outlined under this issue and
accordingly, qualify as a direct offset to advertising expense.&nbsp; Based on
our analysis of the impact on net income, and the administrative costs to
identify and track reimbursements between those qualifying for expense offset
and those requiring inventory cost reduction, we have elected to treat all co-op
funds
received from vendors as a reduction in the cost of inventory and recognize them
as a reduction to cost of goods sold when the inventory is liquidated.&nbsp; We
estimate that the prospective change in the timing of income recognition will
reduce fiscal 2004 EPS by approximately $0.12 per share. &nbsp;Had our vendor
agreements for fiscal 2003 not been entered into prior to December 31, 2002, we
estimate that the reduction of EPS would be approximately $0.11 per share in
fiscal 2003.</p>
<p>The adoption of this issue does not change the ultimate cash to be received
under these agreements nor the timing of cash flows, only the timing of when it
is reflected in net income. In short, this represents a change only in the
timing of earnings recognition, not in the amount of earnings ultimately
recognized over the terms of the agreements.</p>
<p>&nbsp;</p>
<p><b>Lowe's Business Outlook</b></p>
<p>This outlook is based on current expectations and includes
&quot;forward-looking statements&quot; 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.</p>
<b>
<p>Second Quarter 2003 </b>(comparisons to second quarter 2002)</p>
<ul>
  <li>The company expects to open 25 stores reflecting square footage growth of
    approximately 13 percent</li>
</ul>
<ul>
  <li>Total sales are expected to increase approximately 13 percent</li>
  <li>The company expects to report comparable store sales of 2 to 4 percent</li>
  <li>Operating margin (defined as gross margin less SG&amp;A and depreciation)
    is expected to increase 20 to 30 basis points</li>
  <li>Store opening costs are expected to be approximately $23 million</li>
</ul>
<ul>
  <li>Diluted earnings per share of $0.68 to $0.70 are expected</li>
</ul>
<ul>
  <li>Lowe's second quarter ends on August 1, 2003 with operating results to
    be publicly released on Monday, August 18, 2003</li>
</ul>
<b>
<p>Fiscal Year 2003 </b>(comparisons to fiscal year 2002)</p>
<ul>
  <li>The company expects to open 130 stores in 2003 reflecting total square
    footage growth of approximately 15 percent</li>
</ul>
<ul>
  <li>Total sales are expected to increase approximately 14 to 15 percent for
    the year</li>
  <li>The company expects to report a comparable store sales increase of
    approximately 3 to 4 percent</li>
  <li>Operating margin (defined as gross margin less SG&amp;A and depreciation)
    is expected to increase 20 to 30 basis points</li>
  <li>Store opening costs are expected to be approximately $140 million</li>
</ul>
<ul>
  <li>Diluted earnings per share of $2.16 to $2.20 are expected for the fiscal
    year ending January 30, 2004</li>
</ul>
<p>&nbsp;</p>
<p>This news release includes &quot;forward-looking statements&quot; 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.</p>
<p>&nbsp;</p>
<p>With fiscal year 2002 sales of $26.5 billion, Lowe's Companies, Inc. is a FORTUNE 100
company that serves approximately nine million customers a week at more than 875
home improvement stores in 45 states. In 2003, FORTUNE named Lowe's America's
Most Admired Specialty Retailer. Based in Wilkesboro, N.C., the 57-year old
company is the second-largest home improvement retailer in the world. For more
information, visit Lowes.com</p>
<font FACE="Courier New" SIZE="2">
<p ALIGN="CENTER">&nbsp;</p>
</font>
<p ALIGN="CENTER">###</p>
<p>
&nbsp;</p>

<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="602" height="542">
  <tr>
    <td WIDTH="222" HEIGHT="15">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman"><b>Lowe's Companies, Inc.</b></font></td>
    <td WIDTH="89" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="45" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="71" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="43" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="403" COLSPAN="5" HEIGHT="18"><b>
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">Consolidated Statements of
      Current and Retained Earnings (Unaudited)</font></b></td>
    <td WIDTH="43" HEIGHT="18">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="18">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="18">
    </td>
  </tr>
  <tr>
    <td WIDTH="255" COLSPAN="2" HEIGHT="15">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">In
      Millions, Except Per Share Data</font></td>
    <td WIDTH="45" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="71" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="43" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="15">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="15">
    </td>
    <td WIDTH="89" HEIGHT="15">
    </td>
    <td WIDTH="45" HEIGHT="15">
    </td>
    <td WIDTH="32" HEIGHT="15">
    </td>
    <td WIDTH="71" HEIGHT="15">
    </td>
    <td WIDTH="43" HEIGHT="15">
    </td>
    <td WIDTH="1" HEIGHT="15">
    </td>
    <td WIDTH="1" HEIGHT="15">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="280" HEIGHT="15" colspan="5">
      <p align="center"><b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <u>Three Months Ended</u></font></b></p>
    </td>
    <td WIDTH="1" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="15">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="134" HEIGHT="15" colspan="2">
      <p align="center">&nbsp;&nbsp; <font size="2">&nbsp;&nbsp;&nbsp;&nbsp; <b>&nbsp;
      May 2, 2003</b></font></p>
    </td>
    <td WIDTH="32" HEIGHT="15" style="border-bottom-style: none; border-bottom-width: medium">
      <p></p>
    </td>
    <td WIDTH="114" HEIGHT="15" colspan="2">
      <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>&nbsp;
      May 3, 2002</b></font></p>
    </td>
    <td WIDTH="1" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="15">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16" style="border-right-style: none; border-right-width: medium">
      <p ALIGN="LEFT"><b><font face="Times New Roman" size="2">Current Earnings</font></b></td>
    <td WIDTH="89" HEIGHT="16" style="border-style: none; border-width: medium">
      <p ALIGN="CENTER"><u><b><font face="Times New Roman" size="2">Amount</font></b></u></td>
    <td WIDTH="45" HEIGHT="16" style="border-style: none; border-width: medium">
    <p ALIGN="CENTER"><u><b><font face="Times New Roman" size="2">Percent</font></b></u></td>
    <td WIDTH="32" HEIGHT="16" style="border-style: none; border-width: medium">
      <p></p>
    </td>
    <td WIDTH="71" HEIGHT="16" style="border-style: none; border-width: medium">
      <p ALIGN="CENTER"><b><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <u>Amount</u></font></b></td>
    <td WIDTH="45" HEIGHT="16" style="border-style: none; border-width: medium">
    <p ALIGN="CENTER"><u><b><font face="Times New Roman" size="2">Percent</font></b></u></td>
    <td WIDTH="10" HEIGHT="16" style="border-left-style: none; border-left-width: medium">
      <p ALIGN="CENTER"></td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16" style="border-top-style: none; border-top-width: medium">
      <p></p>
    </td>
    <td WIDTH="45" HEIGHT="16" style="border-top-style: none; border-top-width: medium">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="16" style="border-top-style: none; border-top-width: medium">
      <p></p>
    </td>
    <td WIDTH="71" HEIGHT="16" style="border-top-style: none; border-top-width: medium">
      <p></p>
    </td>
    <td WIDTH="43" HEIGHT="16" style="border-top-style: none; border-top-width: medium">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16"><b>
      <p ALIGN="LEFT"><font size="2" COLOR="#000000" face="Times New Roman">Net
      sales</font></b></td>
    <td WIDTH="89" HEIGHT="16"><b>
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">$
      7,211</font></b></td>
    <td WIDTH="45" HEIGHT="16"><b>
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">100.00</font></b></td>
    <td WIDTH="32" HEIGHT="16">
      <p ALIGN="LEFT"></td>
    <td WIDTH="89" HEIGHT="16"><b>
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">$
      6,471</font></b></td>
    <td WIDTH="43" HEIGHT="16"><b>
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">100.00</font></b></td>
    <td WIDTH="1" HEIGHT="16">
      <p ALIGN="LEFT"></td>
    <td WIDTH="1" HEIGHT="16"></td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p ALIGN="LEFT"><font size="2" COLOR="#000000" face="Times New Roman">Cost of
      sales</font></td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">4,973</font></td>
    <td WIDTH="45" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">68.96</font></td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">4,548</font></td>
    <td WIDTH="43" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">
      70.29</font></td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16"><b>
      <p ALIGN="LEFT"><font size="2" COLOR="#000000" face="Times New Roman">Gross
      margin</font></b></td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">2,238</font></b></td>
    <td WIDTH="45" HEIGHT="16"><b>
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">
      31.04</font></b></td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">1,923</font></b></td>
    <td WIDTH="43" HEIGHT="16"><b>
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">
      29.71</font></b></td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16"></td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p ALIGN="LEFT"><font size="2" COLOR="#000000" face="Times New Roman">Expenses:</font></td>
    <td WIDTH="89" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="45" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="43" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <font size="2" color="#000000" face="Times New Roman">Selling, general and
      administrative</font></td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">1,314</font></td>
    <td WIDTH="45" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">18.22</font></td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">1,141</font></td>
    <td WIDTH="43" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">
      17.64</font></td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p ALIGN="LEFT"><font size="2" COLOR="#000000" face="Times New Roman">Store
      opening costs</font></td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">19</font></td>
    <td WIDTH="45" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">
      0.26</font></td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">37</font></td>
    <td WIDTH="43" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">
      0.57</font></td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p ALIGN="LEFT"><font size="2" COLOR="#000000" face="Times New Roman">Depreciation</font></td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">180</font></td>
    <td WIDTH="45" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">2.50</font></td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">145</font></td>
    <td WIDTH="43" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">
      2.24</font></td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p ALIGN="LEFT"><font size="2" COLOR="#000000" face="Times New Roman">
      Interest </font></td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">48</font></td>
    <td WIDTH="45" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">
      0.67</font></td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">47</font></td>
    <td WIDTH="43" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">
      0.73</font></td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="45" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="43" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16"><b>
      <p ALIGN="LEFT"><font size="2" COLOR="#000000" face="Times New Roman">Total
      expenses</font></b></td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">1,561</font></b></td>
    <td WIDTH="45" HEIGHT="16"><b>
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">
      21.65</font></b></td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">1,370</font></b></td>
    <td WIDTH="43" HEIGHT="16"><b>
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">
      21.18</font></b></td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16"></td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="45" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="43" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p ALIGN="LEFT"><font size="2" COLOR="#000000" face="Times New Roman">Pre-tax
      earnings</font></td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">677</font></td>
    <td WIDTH="45" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">9.39</font></td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">553</font></td>
    <td WIDTH="43" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">8.53</font></td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p ALIGN="LEFT"><font size="2" COLOR="#000000" face="Times New Roman">
      Income tax provision </font></td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">256</font></td>
    <td WIDTH="45" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">
      3.55</font></td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">207</font></td>
    <td WIDTH="43" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">3.19</font></td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16"><b>
      <p ALIGN="LEFT"><font size="2" COLOR="#000000" face="Times New Roman">Net
      earnings</font></b></td>
    <td WIDTH="89" HEIGHT="16"><b>
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;
      421</font></b></td>
    <td WIDTH="45" HEIGHT="16"><b>
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">
      5.84</font></b></td>
    <td WIDTH="32" HEIGHT="16">
      <p ALIGN="LEFT"></td>
    <td WIDTH="89" HEIGHT="16"><b>
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;
      346</font></b></td>
    <td WIDTH="43" HEIGHT="16">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">5.34</font></b></td>
    <td WIDTH="1" HEIGHT="16">
      <p ALIGN="LEFT"></td>
    <td WIDTH="1" HEIGHT="16"></td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="45" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="71" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="43" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p><font size="2">Shares outstanding - Basic</font></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p align="right"><font size="2">783</font></p>
    </td>
    <td WIDTH="45" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p align="right"><font size="2">777</font></p>
    </td>
    <td WIDTH="43" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p ALIGN="LEFT"><font size="2" COLOR="#000000" face="Times New Roman">Basic
      earnings per share </font></td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;
      0.54</font></td>
    <td WIDTH="45" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;
      0.45</font></td>
    <td WIDTH="43" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p><font size="2">Shares outstanding - Diluted</font></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p align="right"><font size="2">802</font></p>
    </td>
    <td WIDTH="45" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p align="right"><font size="2">798</font></p>
    </td>
    <td WIDTH="43" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p ALIGN="LEFT"><font size="2" COLOR="#000000" face="Times New Roman">Diluted
      earnings per share </font></td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;
      0.53</font></td>
    <td WIDTH="45" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;
      0.44</font></td>
    <td WIDTH="43" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="45" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="71" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="43" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p><b><font size="2">Retained earnings</font></b></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="45" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="71" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="43" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p><font size="2">Balance at beginning of period</font></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">$&nbsp;
      5,887</font></td>
    <td WIDTH="45" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">$&nbsp;&nbsp;
      4,482</font></td>
    <td WIDTH="43" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
    </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p><font size="2">Net earnings</font></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">421</font></td>
    <td WIDTH="45" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p align="right"><font size="2">346</font></p>
    </td>
    <td WIDTH="43" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
    </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <font size="2">Cash dividends</font></td>
    <td WIDTH="89" HEIGHT="16" align="right">
      <font face="Times New Roman" size="2">(20)</font></td>
    <td WIDTH="45" HEIGHT="16">
    </td>
    <td WIDTH="32" HEIGHT="16">
    </td>
    <td WIDTH="89" HEIGHT="16">
    <p ALIGN="RIGHT"><font face="Times New Roman" size="2">(16)</font></td>
    <td WIDTH="43" HEIGHT="16">
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="16">
      <p><font size="2">Balance at end of period</font></p>
    </td>
    <td WIDTH="89" HEIGHT="16" align="right">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">$&nbsp;
      6,288</font></td>
    <td WIDTH="45" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="32" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="89" HEIGHT="16">
      <p ALIGN="RIGHT"><font size="2" COLOR="#000000" face="Times New Roman">$&nbsp;&nbsp;
      4,812</font></td>
    <td WIDTH="43" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
  </tr>
  <tr>
    <td WIDTH="454" COLSPAN="6" HEIGHT="16">
      </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
    <td WIDTH="1" HEIGHT="16">
    </td>
  </tr>
</table>

<p>&nbsp;</p>
<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="638" height="898">
  <tr>
    <td WIDTH="170" COLSPAN="3" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman"><b>Lowe's Companies, Inc.</b></font></td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21"><b>
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">Consolidated Balance Sheets</font></b></td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="251" COLSPAN="4" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">In
      Millions, Except Par Value Data</font></td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="69" HEIGHT="21" align="center">
      <p></p>
    </td>
    <td WIDTH="66" HEIGHT="21" align="center">
      <p></p>
    </td>
    <td WIDTH="31" HEIGHT="21" align="center">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="center">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21" align="center">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21" align="center">
      <p><b><font size="2">(Unaudited)</font></b></p>
    </td>
    <td WIDTH="9" HEIGHT="21" align="center">
      <p></p>
    </td>
    <td WIDTH="109" HEIGHT="21" align="center">
      <p><b><font size="2">(Unaudited)</font></b></p>
    </td>
    <td WIDTH="7" HEIGHT="21" align="center">
      <p></p>
    </td>
    <td WIDTH="35" HEIGHT="21" align="center">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="69" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="66" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="31" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="CENTER"><b><font face="Times New Roman" size="2">May 2,</font></b></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="109" HEIGHT="21">
      <p ALIGN="CENTER"><b><font face="Times New Roman" size="2">May 3,</font></b></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="109" HEIGHT="21">
      <p ALIGN="CENTER"><b><font face="Times New Roman" size="2">January 31,</font></b></td>
  </tr>
  <tr>
    <td WIDTH="69" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="66" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="31" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21"><b>
      <p ALIGN="CENTER"><u><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp; 2003&nbsp;&nbsp;&nbsp;&nbsp; </font>
      </u></b></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="109" HEIGHT="21"><b>
      <p ALIGN="CENTER"><u><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;
      2002&nbsp;&nbsp;&nbsp;&nbsp; </font></u></b></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="109" HEIGHT="21"><b>
      <p ALIGN="CENTER"><u><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2003&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></u></b></td>
  </tr>
  <tr>
    <td WIDTH="69" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="66" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="31" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="69" HEIGHT="21"><b>
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">Assets</font></b></td>
    <td WIDTH="66" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="31" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="170" COLSPAN="3" HEIGHT="21"><b>
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp; Current
      assets:</font></b></td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Cash and
      cash
      equivalents</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">$&nbsp;
      1,600</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">$&nbsp;
      1,476</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">$&nbsp; </font>
      <font face="Times New Roman" size="2">853</font></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Short-term
      investments</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">77</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">48</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">273</font></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Accounts
      receivable - net</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">189</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">193</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">172</font></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Merchandise
      inventory</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">4,864</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">4,360</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">3,968</font></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Deferred
      income taxes </font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">72</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">97</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">58</font></td>
  </tr>
  <tr>
    <td WIDTH="170" COLSPAN="3" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Other
      current
      assets</font></td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">251</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">267</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">244</font></td>
  </tr>
  <tr>
    <td WIDTH="170" COLSPAN="3" HEIGHT="21"><b>
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp; Total
      current assets</font></b></td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">7,053</font></b></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">6,441</font></b></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">5,568</font></b></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Property,
      less
      accumulated</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      depreciation </font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">
      10,545</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">8,992</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">
      10,352</font></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Long-term
      investments</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">132</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">19</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">29</font></td>
  </tr>
  <tr>
    <td WIDTH="170" COLSPAN="3" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp;
      Other assets </font></td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">170</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">159</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">160</font></td>
  </tr>
  <tr>
    <td WIDTH="137" COLSPAN="2" HEIGHT="21"><b>
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp; Total
      assets</font></b></td>
    <td WIDTH="31" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21"><b>
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">$
      17,900</font></b></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21"><b>
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">$
      15,611</font></b></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21"><b>
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">$
      16,109</font></b></td>
  </tr>
  <tr>
    <td WIDTH="69" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="66" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="31" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21"><b>
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">Liabilities and
      shareholders' equity</font></b></td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="170" COLSPAN="3" HEIGHT="21"><b>
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp; Current
      liabilities:</font></b></td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Short-term
      borrowings  </font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">$ 50</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">$
      100</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">$
      50</font></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Current
      maturities of long-term debt</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">30</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">60</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">29</font></td>
  </tr>
  <tr>
    <td WIDTH="170" COLSPAN="3" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Accounts
      payable</font></td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">3,069</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">2,740</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">1,943</font></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Employee
      retirement plans</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">27</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">136</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">88</font></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Accrued
      salaries and wages</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">169</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">175</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">306</font></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Other
      current
      liabilities</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">
      1,570</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">
      1,286</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">
      1,162</font></td>
  </tr>
  <tr>
    <td WIDTH="170" COLSPAN="3" HEIGHT="21"><b>
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp; Total
      current liabilities</font></b></td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">4,915</font></b></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">4,497</font></b></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">3,578</font></b></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp;
      Long-term debt, excluding current maturities </font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">3,733</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">3,736</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">3,736</font></td>
    </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Deferred
      income taxes </font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">499</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">314</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">478</font></td>
  </tr>
  <tr>
    <td WIDTH="255" COLSPAN="4" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Other
      long-term liabilities</font></td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">18</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">7</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">15</font></td>
  </tr>
  <tr>
    <td WIDTH="137" COLSPAN="2" HEIGHT="21"><b>
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp; Total
      liabilities</font></b></td>
    <td WIDTH="31" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">9,165</font></b></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">8,554</font></b></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">7,807</font></b></td>
  </tr>
  <tr>
    <td WIDTH="69" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="66" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="31" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21"><b>
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp; Shareholders'
      equity</font></b></td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Preferred
      stock - $5 par value, none issued</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">-</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p align="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp; -</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p align="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp; -</font></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Common
      stock -
      $.50 par value;</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="284" HEIGHT="21" colspan="5">
      <p ALIGN="left"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Shares issued and outstanding</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="137" COLSPAN="2" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      May 2, 2003</font></td>
    <td WIDTH="31" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">783</font></td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
    </tr>
  <tr>
    <td WIDTH="137" COLSPAN="2" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      May 3, 2002</font></td>
    <td WIDTH="31" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">777</font></td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21" align="right">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="137" COLSPAN="2" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      January 31, 2003</font></td>
    <td WIDTH="31" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">782</font></td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">392</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">389</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">391</font></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Capital in
      excess of par value</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">
      2,055</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">1,856</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">2,023</font></td>
  </tr>
  <tr>
    <td WIDTH="170" COLSPAN="3" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Retained
      earnings</font></td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">6,288</font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">4,812</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">5,887</font></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21">
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp;&nbsp; Accumulated
      other comprehensive income</font></td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">- </font></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">-</font></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">1</font></td>
  </tr>
  <tr>
    <td WIDTH="255" COLSPAN="4" HEIGHT="21"><b>
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp; Total
      shareholders' equity</font></b></td>
    <td WIDTH="27" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21"><b>
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">
      8,735</font></b></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">7,057</font></b></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21"><b>
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">8,302</font></b></td>
  </tr>
  <tr>
    <td WIDTH="284" COLSPAN="5" HEIGHT="21"><b>
      <p ALIGN="LEFT"><font COLOR="#000000" size="2" face="Times New Roman">&nbsp; Total
      liabilities
      and shareholders' equity</font></b></td>
    <td WIDTH="120" HEIGHT="21"><b>
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">$
      17,900</font></b></td>
    <td WIDTH="9" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21"><b>
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">$
      15,611</font></b></td>
    <td WIDTH="7" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="120" HEIGHT="21"><b>
      <p ALIGN="RIGHT"><font COLOR="#000000" size="2" face="Times New Roman">$ 16,109</font></b></td>
  </tr>
  <tr>
    <td WIDTH="222" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="65" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="44" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="31" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="22" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="78" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="16" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="14" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="21">
      <p></p>
    </td>
    <td WIDTH="10" HEIGHT="21">
      <p></p>
    </td>
  </tr>
  </table>

<p>&nbsp;</p>

<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="645">
  <tr>
    <td WIDTH="319" HEIGHT="15"><b>
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Lowe's Companies, Inc.</font></b></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15"><b>
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Consolidated Statements of
      Cash Flows (Unaudited)</font></b></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">In Millions</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="180" HEIGHT="15" colspan="3">
      <p align="center"><b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <u>For the Three Months Ended</u></font></b></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15" align="center"><b>
      <p ALIGN="CENTER"><font size="2" face="Times New Roman">May 3,</font></b></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15" align="center"><b>
      <p ALIGN="CENTER"><font size="2" face="Times New Roman">May 2,</font></b></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" BGCOLOR="#ffffff" HEIGHT="15" align="center"><b>
      <p ALIGN="CENTER"><font size="2" face="Times New Roman">2003</font></b></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" BGCOLOR="#ffffff" HEIGHT="15" align="center"><b>
      <p ALIGN="CENTER"><font size="2" face="Times New Roman">2002</font></b></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15"><b>
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Cash Flows From Operating
      Activities:</font></b></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Net Earnings</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">$ 421</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">$ 346</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Adjustments to Reconcile
      Net Earnings to Net Cash</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp; Provided By Operating
      Activities:</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      Depreciation and
      Amortization</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">184</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">150</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      Deferred Income Taxes</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">7</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">4</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="363" COLSPAN="2" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      Loss on Disposition/Writedown
      of Fixed and Other Assets</font></td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">7</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">9</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
    </tr>
  <tr>
    <td WIDTH="363" COLSPAN="2" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      Stock-Based Compensation Expense</font></td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">5</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">-</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      Tax Effect of Stock Options
      Exercised</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">4</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">6</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
      Changes in Operating Assets
      and Liabilities:</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable - Net</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(17)</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(27)</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Merchandise Inventory</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(896)</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(749)</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Other Operating Assets</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(8)</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(69)</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accounts Payable</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">1,126</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">1,026</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Employee Retirement Plans</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">(61)</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">33</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Other Operating Liabilities</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">274</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">445</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15"><b>
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Net Cash Provided by
      Operating Activities</font></b></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">1,046</font></b></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15"><b>
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">1,174</font></b></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15"><b>
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Cash Flows from Investing
      Activities:</font></b></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">(Decrease) Increase in
      Investment Assets:</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp; Short-Term Investments</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">206</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">10</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp; Purchases of Long-Term
      Investments</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(164)</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(2)</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="363" COLSPAN="2" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp; Proceeds from Sale/Maturity
      of Long-Term Investments</font></td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">47</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">-</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Increase in Other Long-Term
      Assets</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(16)</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(9)</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Fixed Assets Acquired</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(392)</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(501)</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="363" COLSPAN="2" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Proceeds from the Sale of
      Fixed and Other Long-Term Assets</font></td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">19</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">4</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15"><b>
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Net Cash Used in Investing
      Activities</font></b></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15"><b>
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(300)</font></b></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15"><b>
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(498)</font></b></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15"><b>
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Cash Flows from Financing
      Activities:</font></b></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Repayment of Long-Term Debt</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(7)</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(7)</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Proceeds from Stock Options
      Exercised</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">28</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">24</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Cash Dividend Payments</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(20)</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">(16)</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15"><b>
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Net Cash Provided
      by Financing Activities</font></b></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">1</font></b></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><b><font face="Times New Roman" size="2">1</font></b></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Net Increase (Decrease) in
      Cash and Cash Equivalents</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">747</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">677</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Cash and Cash Equivalents,
      Beginning of Year</font></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">853</font></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p ALIGN="RIGHT"><font face="Times New Roman" size="2">799</font></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15"><b>
      <p ALIGN="LEFT"><font size="2" face="Times New Roman">Cash and Cash Equivalents,
      End of Year</font></b></td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15"><b>
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">$ 1,600</font></b></td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15"><b>
      <p ALIGN="RIGHT"><font size="2" face="Times New Roman">$ 1,476</font></b></td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="319" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="42" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="83" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="18" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="79" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="9" HEIGHT="15">
      <p></p>
    </td>
  </tr>
  </table>

</body>

</html>
[{"type": "8-K", "sequence": "1", "filename": "pr8k050203r.htm", "description": "FIRST QUARTER PRESS RELEASE", "secsgml_size_bytes": 109764}]
{"company-data": {"conformed-name": "LOWES COMPANIES INC", "cik": "0000060667", "assigned-sic": "5211", "irs-number": "560578072", "state-of-incorporation": "NC", "fiscal-year-end": "0129"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-07898", "film-number": "03709655"}, "business-address": {"street1": "1605 CURTIS BRIDGE RD", "city": "WILKESBORO", "state": "NC", "zip": "28697", "phone": "3366584000"}, "mail-address": {"street1": "1605 CURTIS BRIDGE ROAD", "city": "WILKERSBORO", "state": "NC", "zip": "28697"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
May 19,
      2003
LOWE'S
COMPANIES,  INC.
(Exact name
      of registrant as specified in its charter)
North
      Carolina
1-7898
56-0578072
(State or
      other jurisdiction
of incorporation)
(Commission
      File
Number)
(IRS
      Employer
Identification No.)
1605 Curtis Bridge Road, Wilkesboro, NC
28697
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
(336)
      658-4000
(Former name
      or former address if changed since last report)
Item 7
.
Financial Statements, ProForma Financial
      Information and Exhibits
99.1 
      Press Release, dated May 19, 2003, announcing the financial results of
      Lowe's Companies, Inc. (the "Company") for its first quarter ended May 2, 2003.
Item 9
.
Regulation FD Disclosure
This Current Report on Form 8-K and the earnings news release attached
      hereto are being furnished by the Company pursuant to Item 12 of Form 8-K
      ("Results of Operations and Financial Condition"), in accordance
      with Securities and Exchange
      Commission Release Nos. 33-8216; 34-47583.
On May 19, 2003,
      the Company issued a news release, furnished as Exhibit 99.1 and
      incorporated herein by reference, announcing the Company's financial
      results for the quarter ended May 2, 2003.
SIGNATURES
Pursuant to the requirements of the Securities
      Exchange Act of 1934, the Registrant has duly caused this report to be
      signed on its behalf by the undersigned hereunto duly authorized.
LOWE'S
      COMPANIES, INC.
(Registrant)
Date:  May 19, 2003
By:
/
s/ Kenneth W. Black, Jr.
Kenneth W. Black, Jr.
Senior Vice President and Chief       Accounting Officer
LOWE'S
COMPANIES, INC.
EXHIBIT INDEX
Exhibit No.
Subject Matter
99.1                 
Press Release,
dated May 19, 2003, announcing financial results for the Company's
quarter
ended May 2, 2003.
EXHIBIT 99.1
May 19, 2003
For 7:00 am EDT Release
Contacts:
Shareholders'/Analysts'
Inquiries:                                                    
Media Inquiries:
Paul Taaffe                                                                                            
Chris Ahearn
336-658-5239                                                                                       
336-658-7387
LOWE'S REPORTS RECORD EARNINGS FOR FIRST QUARTER
-- First Quarter Net Earnings Increased 21.7 Percent --
-- First Quarter Total Sales Increased 11.4 Percent --
WILKESBORO, N.C.
- Lowe's Companies, Inc. (NYSE: LOW), the world's
second largest home improvement retailer, today reported net earnings of $421
million for the quarter ended May 2, 2003, a 21.7 percent increase over the same
period a year ago. Diluted earnings per share increased 20.5 percent to $0.53
from $0.44 in the first quarter of 2002.
Sales for the quarter increased 11.4 percent to $7.21 billion, up from $6.47
billion in the first quarter of 2002. Comparable store sales for the first
quarter increased 0.1 percent.
"A strong housing market and improving consumer confidence continue to
support the American conviction to invest in the home despite the effect of
adverse weather and uncertain world events," commented Robert L. Tillman,
Lowe's chairman and CEO. "In a society where home is increasingly the
centerpiece of the American dream, Lowe's makes it easy for our customers to
express their unique taste and style by providing compelling stores,
knowledgeable service, and great products at guaranteed low prices."
During the quarter, Lowe's opened 21 new stores. As of May 2, 2003, Lowe's
operated 875 stores in 45 states representing 97.2 million square feet of retail
selling space, a 12.9 percent increase over last year.
A conference call to discuss first quarter 2003 operating results is
scheduled for today (Monday, May 19) at 9:00 a.m. EDT. Please dial
888-817-4020 (international callers dial 706-679-3245) to participate. A webcast
of the call will take place simultaneously and can be accessed by visiting Lowe's
website at www.lowes.com and clicking on
About Lowe's, Investor Information, Shareholder Services, Calendar of Events.
A replay of the call will be archived on www.lowes.com for 7 days.
Comments Regarding Adoption of Emerging Issues Task Force Issue 02-16
Emerging Issues Task Force ("EITF") Issue 02-16, "Accounting
by a Customer (including a Reseller) for Certain Consideration Received from a
Vendor", was issued by the EITF in November 2002 with transition provisions
subsequently issued in January 2003.  The January 2003 transition rules
stated that this issue would apply to all agreements entered into or
significantly modified after December 31, 2002.
As we have previously announced, our current accounting treatment for vendor
provided funds is consistent with the provisions of this issue with the
exception of cooperative advertising allowances or co-op.  We currently
account for co-op as direct offsets against advertising expenses.  Under
EITF 02-16, these types of funds can only be used to offset advertising expenses
if the co-op funds are a reimbursement of a specific, identifiable and
incremental cost incurred by Lowe's in selling the vendor's product.
We do not expect this issue to have a material impact on our fiscal 2003
financial statements since substantially all of our cooperative advertising
allowance agreements for fiscal 2003 were entered into prior to December 31,
2002.
We have assessed the historic volume of co-op reimbursements that have been
received in order to determine which of these reimbursements would meet the
specific, identifiable and incremental criteria outlined under this issue and
accordingly, qualify as a direct offset to advertising expense.  Based on
our analysis of the impact on net income, and the administrative costs to
identify and track reimbursements between those qualifying for expense offset
and those requiring inventory cost reduction, we have elected to treat all co-op
funds
received from vendors as a reduction in the cost of inventory and recognize them
as a reduction to cost of goods sold when the inventory is liquidated.  We
estimate that the prospective change in the timing of income recognition will
reduce fiscal 2004 EPS by approximately $0.12 per share.  Had our vendor
agreements for fiscal 2003 not been entered into prior to December 31, 2002, we
estimate that the reduction of EPS would be approximately $0.11 per share in
fiscal 2003.
The adoption of this issue does not change the ultimate cash to be received
under these agreements nor the timing of cash flows, only the timing of when it
is reflected in net income. In short, this represents a change only in the
timing of earnings recognition, not in the amount of earnings ultimately
recognized over the terms of the agreements.
Lowe's Business Outlook
This outlook is based on current expectations and 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.
Second Quarter 2003
(comparisons to second quarter 2002)
The company expects to open 25 stores reflecting square footage growth of
    approximately 13 percent
Total sales are expected to increase approximately 13 percent
The company expects to report comparable store sales of 2 to 4 percent
Operating margin (defined as gross margin less SG&A and depreciation)
    is expected to increase 20 to 30 basis points
Store opening costs are expected to be approximately $23 million
Diluted earnings per share of $0.68 to $0.70 are expected
Lowe's second quarter ends on August 1, 2003 with operating results to
    be publicly released on Monday, August 18, 2003
Fiscal Year 2003
(comparisons to fiscal year 2002)
The company expects to open 130 stores in 2003 reflecting total square
    footage growth of approximately 15 percent
Total sales are expected to increase approximately 14 to 15 percent for
    the year
The company expects to report a comparable store sales increase of
    approximately 3 to 4 percent
Operating margin (defined as gross margin less SG&A and depreciation)
    is expected to increase 20 to 30 basis points
Store opening costs are expected to be approximately $140 million
Diluted earnings per share of $2.16 to $2.20 are expected for the fiscal
    year ending January 30, 2004
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.
With fiscal year 2002 sales of $26.5 billion, Lowe's Companies, Inc. is a FORTUNE 100
company that serves approximately nine million customers a week at more than 875
home improvement stores in 45 states. In 2003, FORTUNE named Lowe's America's
Most Admired Specialty Retailer. Based in Wilkesboro, N.C., the 57-year old
company is the second-largest home improvement retailer in the world. For more
information, visit Lowes.com
###
Lowe's Companies, Inc.
Consolidated Statements of
      Current and Retained Earnings (Unaudited)
In
      Millions, Except Per Share Data
Three Months Ended
May 2, 2003
May 3, 2002
Current Earnings
Amount
Percent
Amount
Percent
Net
      sales
$
      7,211
100.00
$
      6,471
100.00
Cost of
      sales
4,973
68.96
4,548
70.29
Gross
      margin
2,238
31.04
1,923
29.71
Expenses:
Selling, general and
      administrative
1,314
18.22
1,141
17.64
Store
      opening costs
19
0.26
37
0.57
Depreciation
180
2.50
145
2.24
Interest
48
0.67
47
0.73
Total
      expenses
1,561
21.65
1,370
21.18
Pre-tax
      earnings
677
9.39
553
8.53
Income tax provision
256
3.55
207
3.19
Net
      earnings
$    
      421
5.84
$    
      346
5.34
Shares outstanding - Basic
783
777
Basic
      earnings per share
$    
      0.54
$    
      0.45
Shares outstanding - Diluted
802
798
Diluted
      earnings per share
$    
      0.53
$    
      0.44
Retained earnings
Balance at beginning of period
$ 
      5,887
$  
      4,482
Net earnings
421
346
Cash dividends
(20)
(16)
Balance at end of period
$ 
      6,288
$  
      4,812
Lowe's Companies, Inc.
Consolidated Balance Sheets
In
      Millions, Except Par Value Data
(Unaudited)
(Unaudited)
May 2,
May 3,
January 31,
2003
2002
2003
Assets
Current
      assets:
Cash and
      cash
      equivalents
$ 
      1,600
$ 
      1,476
$
853
Short-term
      investments
77
48
273
Accounts
      receivable - net
189
193
172
Merchandise
      inventory
4,864
4,360
3,968
Deferred
      income taxes
72
97
58
Other
      current
      assets
251
267
244
Total
      current assets
7,053
6,441
5,568
Property,
      less
      accumulated
depreciation
10,545
8,992
10,352
Long-term
      investments
132
19
29
Other assets
170
159
160
Total
      assets
$
      17,900
$
      15,611
$
      16,109
Liabilities and
      shareholders' equity
Current
      liabilities:
Short-term
      borrowings
$ 50
$
      100
$
      50
Current
      maturities of long-term debt
30
60
29
Accounts
      payable
3,069
2,740
1,943
Employee
      retirement plans
27
136
88
Accrued
      salaries and wages
169
175
306
Other
      current
      liabilities
1,570
1,286
1,162
Total
      current liabilities
4,915
4,497
3,578
Long-term debt, excluding current maturities
3,733
3,736
3,736
Deferred
      income taxes
499
314
478
Other
      long-term liabilities
18
7
15
Total
      liabilities
9,165
8,554
7,807
Shareholders'
      equity
Preferred
      stock - $5 par value, none issued
-
-
-
Common
      stock -
      $.50 par value;
Shares issued and outstanding
May 2, 2003
783
May 3, 2002
777
January 31, 2003
782
392
389
391
Capital in
      excess of par value
2,055
1,856
2,023
Retained
      earnings
6,288
4,812
5,887
Accumulated
      other comprehensive income
-
-
1
Total
      shareholders' equity
8,735
7,057
8,302
Total
      liabilities
      and shareholders' equity
$
      17,900
$
      15,611
$ 16,109
Lowe's Companies, Inc.
Consolidated Statements of
      Cash Flows (Unaudited)
In Millions
For the Three Months Ended
May 3,
May 2,
2003
2002
Cash Flows From Operating
      Activities:
Net Earnings
$ 421
$ 346
Adjustments to Reconcile
      Net Earnings to Net Cash
Provided By Operating
      Activities:
Depreciation and
      Amortization
184
150
Deferred Income Taxes
7
4
Loss on Disposition/Writedown
      of Fixed and Other Assets
7
9
Stock-Based Compensation Expense
5
-
Tax Effect of Stock Options
      Exercised
4
6
Changes in Operating Assets
      and Liabilities:
Accounts Receivable - Net
(17)
(27)
Merchandise Inventory
(896)
(749)
Other Operating Assets
(8)
(69)
Accounts Payable
1,126
1,026
Employee Retirement Plans
(61)
33
Other Operating Liabilities
274
445
Net Cash Provided by
      Operating Activities
1,046
1,174
Cash Flows from Investing
      Activities:
(Decrease) Increase in
      Investment Assets:
Short-Term Investments
206
10
Purchases of Long-Term
      Investments
(164)
(2)
Proceeds from Sale/Maturity
      of Long-Term Investments
47
-
Increase in Other Long-Term
      Assets
(16)
(9)
Fixed Assets Acquired
(392)
(501)
Proceeds from the Sale of
      Fixed and Other Long-Term Assets
19
4
Net Cash Used in Investing
      Activities
(300)
(498)
Cash Flows from Financing
      Activities:
Repayment of Long-Term Debt
(7)
(7)
Proceeds from Stock Options
      Exercised
28
24
Cash Dividend Payments
(20)
(16)
Net Cash Provided
      by Financing Activities
1
1
Net Increase (Decrease) in
      Cash and Cash Equivalents
747
677
Cash and Cash Equivalents,
      Beginning of Year
853
799
Cash and Cash Equivalents,
      End of Year
$ 1,600
$ 1,476