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LOWE'S REPORTS RESULTS FOR FISCAL 1991 AND FOURTH QUARTER

 LOWE'S REPORTS RESULTS FOR FISCAL 1991 AND FOURTH QUARTER
 NORTH WILKESBORO, N.C., Feb. 25 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today released the following results:
 FINANCIAL SUMMARY
 Lowe's Companies, Inc. reports fiscal 1991 earnings per share of $0.18, down from the prior year, due principally to a restructuring charge of $71.3 million in the fourth quarter. Both sales volume for the year, and cash dividends paid, were at company record highs. Management commented that it was pleased with fourth quarter operating results, notably the 21 percent total sales increase.
 Financial Highlights
 (Dollars in Thousands, except per share data)
 Pct. Fiscal Year
 Change 1991 1990
 Sales + 8 $3,056,247 $2,833,108
 Cost of Sales + 9 2,320,989 2,130,428
 Gross Margin + 5 735,258 702,680
 Total Expenses +21 730,307 602,429
 Pre-Tax Earnings -95 4,951 100,251
 Income Tax Provision -105 1,536 -29,164
 Net Earnings -91 6,487 71,087
 Dividends + 4 $ 20,020 $ 19,334
 Per Share Data:
 Earnings -91 $ .18 $ 1.91
 Dividends + 6 $ .55 $ .52
 Shares
 Outstanding -2 36,513 37,214
 (Weighted Average in Thousands)
 Pct. Fourth Quarter
 Change 1991 1990
 Sales +21 $ 709,613 $ 586,024
 Cost of Sales +24 539,074 433,615
 Gross Margin +12 170,539 152,409
 Total Expenses +63 237,461 145,425
 Pre-Tax Earnings NM -66,922 6,984
 Income Tax Provision NM 23,657 -1,920
 Net Earnings NM -43,265 5,064
 Dividends + 7 $ 5,101 $ 4,777
 Per Share Data:
 Earnings NM $ -1.19 $ .14
 Dividends + 8 $ .14 $ .13
 Shares
 Outstanding 36,422 36,548
 (Weighted Average in Thousands)
 SALES ANALYSIS
 Annual sales for fiscal 1991, ending January 31, 1992, were $3,056,247,000 compared with $2,833,108,000 in fiscal 1990. This is an 8 percent increase in total sales for the company. Sales from comparable stores, representing an average of 287 stores open more than one year with comparable square footage, were $2,795,056,000 in 1991, an increase of 4 percent over the previous year. Sales to retail customers increased 13 percent while contractor sales decreased 2 percent. The mix between these two customer groups was 69 percent retail and 31 percent contractor. Our retail business has two major business components -- home center (Do-It-Yourself) and consumer durables. In 1991, home center sales increased 15 percent, primarily because of sales gains in products such as home decor and illumination, yard and garden, hand and power tools, and bathrooms. Consumer durables sales increased 6 percent for the year. Consumer electronics experienced the highest growth in revenue for this category. Contractor sales, down 2 percent as previously mentioned, reflected salesdeclines in products such as structural lumber and building commodities. Housing starts fell 12 percent for the year in our 20-state trading area.
 Fourth quarter sales increased 21 percent to $ 709,613,000. Retail sales increased 23 percent and contractor sales increased 17 percent. The mix was 69 percent retail and 31 percent contractor. Comparable store sales, representing an average of 283 stores in the quarter, were up 16 percent. We were pleased with fourth quarter sales gains. Factors which contributed favorably to the fourth quarter are unusually mild weather and an improving economy. We also had easier comparisons to last year's fourth quarter, with its Gulf War.
 Customer Sales Trends
 12 Months Ended January 31, 1992 vs 12 Months Ended January 31, 1991
 Dollars in Millions
 Pct. Fiscal Pct. Fiscal Pct.
 Sales Change 1991 Mix 1990 Mix
 Total + 8 $3,056.2 100 $2,833.1 100
 Home Center +15 1,640.6 54 1,423.2 50
 Consumer Durables + 6 465.1 15 436.7 16
 Contractor - 2 $950.5 31 973.2 34
 3 Months Ended January 31, 1992 vs 3 Months Ended January 31, 1991
 Dollars in Millions
 Pct. Fiscal Pct. Fiscal Pct.
 Sales Change 1991 Mix 1990 Mix
 Total +21 $ 709.6 100 $ 586.0 100
 Home Center +26 379.5 54 301.2 52
 Consumer Durables +14 108.0 15 95.0 16
 Contractor +17 $ 222.1 31 $ 189.8 32
 BIG STORE PERFORMANCE
 In 1989, our big store roll-out began in earnest. During each of the four quarters of 1991, the 31 stores opened in 1989 posted average sales dollars per store more than 20 percent higher than chain average and their average operating profit dollars per store (profit before general office expense, LIFO adjustment, and income taxes) exceeded chain average by more than 40 percent.
 The 31 stores opened in 1989 posted a comparable store sales increase for fiscal 1991 of 10 percent versus the chain average of 4 percent and in the fourth quarter these stores increased 19 percent compared to the chain average of 16 percent.
 They also continue to rank higher than chain average in the following measurements:
 -- Retail sales as a percent of total
 -- Gross margin percent
 -- Operating profit percent to sales
 We will add 17 stores opened in 1990 to our 31-store base in future quarterly news releases. These stores also outperformed the chain average in 1991, as did the 31 stores. The 17 stores open for all of fiscal 1991 will grow this reporting base to 48 stores for 1992.
 MARGIN AND EARNINGS ANALYSIS
 The gross margin for the year was 24.06 percent compared to 24.80 percent in 1990, a decline of 74 basis points. The lower gross margin percent was caused by several factors such as higher distribution costs associated with our new satellite distribution centers (34 basis points) and increased store inventory shrinkage (21 basis points). In addition there was a $5,979,000 LIFO charge (22 basis points) for the year compared to a $688,000 credit in 1990.
 Fourth quarter gross margin was 24.03 percent versus 26.01 percent in last year's quarter, a decline of 198 basis points. The LIFO charge represents 128 basis points of the decline along with 41 basis points from distribution center expenses and 9 basis points in store inventory shrinkage. The remaining decline was due principally to lower lumber/plywood margins and sales of discontinued items.
 EXPENSES
 Selling, general and administrative (SG&A) expenses for fiscal 1991 increased 9 percent principally because of the following key factors:
 -- Store salaries were up due to additional personnel associated
 with our new and relocated stores.
 -- Rent expense increased because approximately half of the new and
 relocated stores in 1991 are leased. Occupancy costs of leased
 stores are reflected in SG&A. Occupancy costs of owned stores are
 reflected in depreciation and interest. Other factors were:
 -- Freight and delivery costs were more favorable because of a new
 fleet management program.
 -- Corporate expenses were vigilantly controlled. Positive leverage
 was created by an expense percent increase which was less than
 our 8 percent sales increase. Also, no General Office bonuses
 were paid for fiscal 1991.
 -- Our retail credit program benefitted from lower interest rates
 and better operational efficiencies.
 Fourth quarter SG&A was 19.39 percent of sales versus 20.53 percent last year. This positive leverage is attributable to salary percent increases being less than sales percent gains, no executive and departmental management bonus payments, advertising expense efficiencies, less bad debts expense, lower sales promotion expense, freight and delivery expenses, and lower credit card costs.
 Depreciation was $58.3 million for fiscal 1991 compared to $51.4 million in the prior year, reflecting our ongoing multi-year expansion program. Depreciation in the fourth quarter was $15.6 million up 14 percent.
 Employee retirement plans expense was up 10 percent in the year and 13 percent in the fourth quarter because of an increase in the salary base and a greater number of employees who qualify for the plans.
 Interest expense in fiscal 1991 was $16.9 million versus $17.4 million in 1990. This is due to less long-term debt, and because a number of our borrowings have variable rates which declined during the year. In the fourth quarter, interest expense was $5.3 million compared to $4.7 million last year. Acceleration in the retirement of $30 million notes incurred $1.1 million early retirement costs during the quarter.
 The income tax benefit of $1.5 million for fiscal 1991 stemmed principally from credits from low income housing investment, and the pass-through of ESOP dividends.
 INVENTORY
 Inventory was $602.8 million at year end and quarter end representing 42 percent of total assets. It was up 31 percent in dollars compared to last year's inventory level. This planned and controlled increase results from our strategic plan to expand our merchandise offering, particularly in our family of larger stores, and be prepared with an in-stock position for spring business. A portion of this inventory has extended credit terms, and is therefore financed by increased accounts payable.
 EXPANSION AND CAPITAL BUDGET
 Lowe's ended fiscal 1991 with 306 stores and 8,016,136 square feet of retail selling space, a 13.5 percent increase over the previous year. Our ongoing multi-year, multi-million dollar strategy to transform our chain of small stores into a chain of large stores resulted in 22 large store projects completed during the year of which 18 were relocations, 3 were new stores, and 1 retrofit. We also converted 2 stores to contractor yards. We closed 6 stores in 1991 representing a total of 48,068 square feet.
 In 1991, our capital investment was $140 million, while we executed leases with future minimum lease payments of $118 million. Going forward, Lowe's Board has authorized a capital budget of $174 million for 1992 with a plan to execute leases with future minimum lease payments of $152 million. Approximately 80 percent of this budget is for our store expansion program which includes 31 store relocations and 4 new stores. This will add approximately 2 million incremental square feet of retail space in 1992.
 RESTRUCTURING CHARGE
 Management announced on January 31, 1992 a pre-tax restructuring charge of $71.3 million to be taken in the fourth quarter. This charge reflects the expected costs and expenses required to accelerate Lowe's expansion program through the conversion of 123 small stores that are being relocated over four years. Also, 25 store locations are identified as being subject to future consolidation and/or closing, including markets where one large prototype store will replace two small ones. The restructuring charge is composed primarily of write-downs of long-lived assets to their net realizable value, principally real estate for owned locations, certain leasehold improvements, fixtures and equipment. It also includes relocation costs and expenses.
 FISCAL 1992 EXPENSE AND TAX BUSINESS PLAN
 Our plans call for an increase in depreciation in 1992 to about $64 million. We also anticipate an investment of $33 million for employee retirement plans and a little more than $16 million in interest expense. Our tax rate should be about 31.5 percent if Federal and state rates are not changed by new legislation.
 OUTLOOK
 Although there is much economic uncertainty in the nation this election year, with both unemployment and consumer debt relatively high, we note an improved tone in our regional business climate, based on our sales for January and February. Comparing six-week totals this year back to 1990, we have seen two year compound growth rates in weekly sales of: Retail, +16 percent; Contractor, flat; and Total, +9 percent. We expect U. S. housing starts to increase slightly, to about 1.1 to 1.25 million for the year. Consumer confidence may continue a slow improvement. Lower interest rates are encouraging mortgage refinancing, and the resultant lower monthly payments are positive for home improvement spending prospects.
 Consolidated Condensed Statements of Current and Retained Earnings
 Lowe's Companies, Inc. and Subsidiary Companies
 Dollars In Thousands, Except Per Share Data
 Three months ended
 January 31, 1992 January 31, 1991
 Current Earnings Amount Percent Amount Percent
 Net sales $709,613 100.00 $586,024 100.00
 Cost of sales 539,074 75.97 433,615 73.99
 Gross margin 170,539 24.03 152,409 26.01
 Expenses:
 Selling, general
 and administrative 137,647 19.39 120,270 20.53
 Depreciation 15,603 2.20 13,673 2.33
 Employee retirement plans 7,668 1.08 6,770 1.16
 Interest 5,255 0.74 4,712 0.80
 Store Restructuring 71,288 10.05
 Total expenses 237,461 33.46 145,425 24.82
 Pre-tax earnings (loss) (66,922) (9.43) 6,984 1.19
 Income tax provision ( 23,657) (3.33) 1,920 0.33
 Net earnings (loss) ($43,265) (6.10) $5,064 0.86
 Shares outstanding
 (weighted average) 36,422 36,548
 Earnings (loss) per share ($1.19) $0.14
 Retained earnings
 Balance at beginning
 of period $528,613 $499,573
 Net earnings (loss) (43,265) 5,064
 Cash dividends (5,101) (4,777)
 Retirement of Common Stock (61) (4,595)
 Balance at end of period $480,186 $495,265
 See accompanying notes to consolidated condensed financial statements.
 Consolidated Condensed Statements of Current and Retained Earnings
 Lowe's Companies, Inc. and Subsidiary Companies
 Dollars In Thousands, Except Per Share Data
 For the year ended
 January 31, 1992 January 31, 1991
 Current Earnings Amount Percent Amount Percent
 Net sales $3,056,247 100.00 $2,833,108 100.00
 Cost of sales 2,320,989 75.94 2,130,428 75.20
 Gross margin 735,258 24.06 702,680 24.80
 Expenses:
 Selling, general
 and administrative 553,322 18.11 505,918 17.85
 Depreciation 58,298 1.91 51,431 1.82
 Employee retirement plans 30,461 1.00 27,661 0.98
 Interest 16,938 0.55 17,419 0.61
 Store Restructuring 71,288 2.33
 Total expenses 730,307 23.90 602,429 21.26
 Pre-tax earnings 4,951 0.16 100,251 3.54
 Income tax provision (1,536) (0.05) 29,164 1.03
 Net earnings $6,487 0.21 $71,087 2.51
 Shares outstanding
 (weighted average) 36,513 37,214
 Earnings per share $0.18 $1.91
 Retained earnings
 Balance at beginning
 of period $495,265 $497,018
 Net earnings (loss) 6,487 71,087
 Cash dividends (20,020) (19,334)
 Retirement of Common Stock (1,546) (53,506)
 Balance at end of period $480,186 $495,265


See accompanying notes to consolidated condensed financial statements.
 Consolidated Statements of Cash Flows
 Lowe's Companies, Inc. and Subsidiary Companies
 Dollars in Thousands
 Fiscal Fiscal Fiscal
 1991 1990 1989
 Cash Flows From Operating Activities:
 Net Earnings $6,487 $71,087 $74,912
 Adjustments to Reconcile Net Earnings
 to Net Cash
 Provided By Operating Activities:
 Depreciation 58,298 51,431 46,134
 Store Restructuring 69,219
 Increase (Decrease) in
 Deferred Income Taxes (25,258) 178 2,403
 (Gain) Loss on Disposition of Fixed
 and Other Assets 1,073 771 (1,758)
 Cash Flow from Operations (A) 109,819 123,467 121,691
 Changes in Operating Assets and Liabilities:
 Decrease (Increase) in Operating Assets:
 Accounts Receivable-Net (19,385) 25,543 5,841
 Merchandise Inventory (141,991) (53,127) (28,294)
 Other Operating Assets (5,098) 683 (144)
 Increase (Decrease) in
 Operating Liabilities:
 Accounts Payable 120,954 (23,337) 6,241
 Employee Retirement Plans 7,790 3,780 20,594
 Other Operating Liabilities 21,366 2,165 1,317
 Net Cash Provided by
 Operating Activities 93,455 79,174 127,246
 Cash Flows from Investing Activities:
 Decrease (Increase) in
 Investment Assets:
 Short-Term Investments 30,384 (35,110)
 Long-Term Investments (11,350)
 Other Long Term Assets (70) (3,267) 880
 Fixed Assets Acquired (133,846) (91,024) (91,673)
 Proceeds from the Sale of Fixed
 and Other Long-Term Assets 3,914 11,424 3,216
 Net Cash Used
 in Investing Activities (110,968) (117,977) (87,577)
 Cash Flows from Financing Activities:
 Sources:
 Long-Term Debt Borrowings 6,000
 Net Increase in Short-Term
 Borrowings 89,919 51,920 1,738
 Stock Options Exercised 1,223 6,004 2,023
 Total Financing Sources 91,142 57,924 9,761
 Uses:
 Repayment of Long-term Debt (40,686) (13,823) (29,893)
 Cash Dividend Payments (20,020) (19,334) (18,228)
 Common Stock Purchased
 for Retirement (1,869) (21,660)
 Common Stock Purchased for
 ESOP Contribution (4,836) (6,000)
 Total Financing Uses (62,575) (59,653) (54,121)
 Net Cash Provided by (Used) in
 Financing Activities 28,567 (1,729) (44,360)
 Net Increase (Decrease) in Cash
 and Cash Equivalents 11,054 (40,532) (4,691)
 Cash and Cash Equivalents,
 Beginning of Year 15,034 55,566 60,257
 Cash and Cash Equivalents,
 End of Year $26,088 $15,034 $55,566
 (A) Before adjustments for changes in related operating assets and operating liabilities.
 See accompanying notes to consolidated financial statements.
 Consolidated Condensed Balance Sheets
 Lowe's Companies, Inc. and Subsidiary Companies
 Dollars in Thousands
 January 31,
 1992 1991
 Assets
 Current assets:
 Accounts receivable - net $115,739 $96,354
 Merchandise inventory 602,795 460,804
 Cash and other 51,544 59,303
 Total current assets 770,078 616,461
 Net fixed assets 612,955 541,464
 Other assets 58,195 45,127
 Total assets $1,441,228 $1,203,052
 Liabilities
 Current liabilities:
 Notes payable $161,533 $64,151
 Accounts payable 307,814 186,860
 Other 119,604 86,665
 Total current liabilities 588,951 337,676
 Long-term debt 113,650 159,204
 Deferred income taxes 6,229 23,500
 Accrued Store Restructuring 63,844
 Total liabilities 772,674 520,380
 Shareholders' equity 668,554 682,672
 Total liabilities
 and shareholders' equity $1,441,228 $1,203,052
 See accompanying notes to consolidated condensed financial statements.
 Lowe's Companies, Inc. and Subsidiary Companies
 Selected Notes to Consolidated Condensed Financial Statements
 Note 1: The Company uses the LIFO method to determine inventory costs. If the FIFO method of inventory accounting had been used, inventories would have been $39,503,000 higher at January 31, 1992 and $33,524,000 higher at January 31, 1991. Under FIFO, net earnings would have been $4.1 million or 11 cents per share higher for Fiscal 1991 and $.5 million or 1 cent per share lower for Fiscal 1990.
 Note 2: The total LIFO effect for the year was a charge of $5,979,000. A charge of $916,000 was made against earnings through the first nine months, resulting in a fourth quarter charge of $5,063,000. Through the year the Company experienced slight deflation in products other than building commodities. In building commodities, particularly lumber, prices had risen sharply in the second quarter, then dropped as expected during the third and early fourth quarters. The Company expected this pattern to continue through the end of the year, however increased demand for lumber drove prices upward at the end of the year resulting in the fourth quarter adjustment.
 Note 3: Interest and loan expense is net of interest income of $349,000 and $1,354,000 for the three-month periods ended January 31, 1992 and 1991, and $3,006,000 and $4,399,000 for the twelve-month periods ended January 31, 1992 and 1991. In addition, interest on construction in progress w$1,142,000 for the twelve-month periods ended January 31, 1992 and 1991.
 Note 4: Property is shown net of accumulated depreciation of $256,835,000 at January 31, 1992 and $235,068,000 at January 31, 1991.
 Note 5: Supplemental disclosures of cash flow information:
 Year ended January 31 1992 1991
 Cash paid for interest
 (net of capitalized) $22,162,000 $23,236,000
 Cash paid for income taxes 21,028,000 25,629,000
 Non-cash investing and financing information
 Fixed assets acquired under capital leases 2,595,000 3,537,000
 Fixed assets acquired by like kind exchange 3,290,000 0
 Notes received in exchange for property 2,478,000 4,701,000
 Stock purchased then contributed to ESOP 0 4,836,000
 Common stock received for exercise of
 stock options 75,000 10,000
 Note 6: In October 1991, the Board of Directors authorized the expenditure of up to $50 million for the purchase, primarily in the open market, of the Company's common stock. The stock will be retired (authorized but unissued). As of January 31, 1992, 75,002 shares had been repurchased at a cost of $1.9 million or an average of $24.92 per share. This program will expire on May 29, 1992.
 Note 7: The Company is a defendant in legal proceedings considered to be in the normal course of business and none of which, singularly or collectively, are considered material to the Company as a whole. Potential liability in excess of the Company's self-insured retention is covered by insurance.
 Note 8: In Fiscal 1991, the Company recorded a one-time pre-tax fourth quarter charge of $71.3 million for the expected costs and expenses required to accelerate the Company's conversion from a chain of small stores to a chain of large stores. The restructuring charge is composed primarily of write-downs of long-lived assets to their net realizable value, principally real estate for owned locations, certain leasehold improvements, fixtures and equipment. It also includes relocation costs and expenses. The charge includes stores relocated under the restructuring plan in the fourth quarter of Fiscal 1991 and those scheduled for closing and relocation through Fiscal 1995.
 LOWE'S COMPANIES, INC. AND SUBSIDIARY COMPANIES
 1 QUARTERLY EARNINGS STATEMENTS
 Dollars in thousands
 QUARTER ENDED 01/31/92 10/31/91 07/31/91 04/30/91 01/31/91
 NET SALES $709,613 $790,274 $863,009 $693,351 $586,024
 FIFO GROSS MARGIN 175,602 187,881 209,110 168,644 149,115
 LIFO CREDIT
 (CHARGE) (5,063) 604 (294) (1,226) 3,294
 LIFO GROSS MARGIN 170,539 188,485 208,816 167,418 152,409
 EXPENSES:
 S,G & A 137,647 143,030 146,337 126,308 120,270
 DEPRECIATION 15,603 14,471 14,258 13,966 13,673
 EMPLOYEE RETIREMENT
 PLANS 7,668 7,797 8,145 6,851 6,770
 INTEREST 5,255 4,019 3,801 3,863 4,712
 STORE RESTRUCTURING 71,288 0 0 0 0
 TOTAL EXPENSES 237,461 169,317 172,541 150,988 145,425
 PRE-TAX EARNINGS
 (LOSS) (66,922) 19,168 36,275 16,430 6,984
 INCOME TAX
 PROVISION (23,657) 6,176 10,991 4,954 1,920
 NET EARNINGS
 (LOSS) (43,265) 12,992 25,284 11,476 5,064
 EARNINGS (LOSS)
 PER SHARE ($1.19) $0.36 $0.69 $0.31 $0.14
 2 QUARTERLY EARNINGS STATEMENT CHANGES
 Changes from same quarter previous year, to nearest tenth percent
 (In Percent)
 QUARTER ENDED 01/31/92 10/31/91 07/31/91 04/30/91 01/31/91
 NET SALES 21.1 11.6 5.5 -3.8 -.3
 FIFO GROSS MARGIN 17.8 7.5 2.8 -3.4 3.4
 LIFO CREDIT (CHARGE) 253.7 100.0 -74.9 -14.4 -77.1
 LIFO GROSS MARGIN 11.9 7.9 3.2 -3.3 4.3
 EXPENSES:
 S,G & A 14.4 9.9 7.3 6.1 9.3
 DEPRECIATION 14.1 10.4 14.2 14.7 10.6
 EMPLOYEE
 RETIREMENT PLANS 13.3 11.3 8.6 7.3 12.5
 INTEREST 11.5 -16.0 -8.2 2.2 19.9
 STORE RESTRUCTURING
 TOTAL EXPENSES 63.3 9.2 7.5 6.8 9.9
 PRE-TAX EARNINGS
 (LOSS) -1058.2 -2.5 -13.3 -48.3 -49.3
 INCOME TAX
 PROVISION -1332.1 10.6 -7.5 -49.4 -47.3
 NET EARNINGS
 (LOSS) -954.4 -7.7 -15.6 -47.8 -50.0
 3 QUARTERLY EARNINGS STATEMENT PERCENTAGES
 Percent of sales to nearest hundredth; income tax is percent of
 pre-tax earnings.
 (In Percent)
 QUARTER ENDED 01/31/92 10/31/91 07/31/91 04/30/91 01/31/91
 NET SALES 100.00 100.00 100.00 100.00 100.00
 FIFO GROSS MARGIN 24.74 23.77 24.23 24.33 25.45
 LIFO CREDIT (CHARGE) -0.71 0.08 -0.03 -0.18 0.56
 LIFO GROSS MARGIN 24.03 23.85 24.20 24.15 26.01
 EXPENSES:
 S,G & A 19.39 18.09 16.97 18.22 20.53
 DEPRECIATION 2.20 1.83 1.65 2.01 2.33
 EMPLOYEE
 RETIREMENT PLANS 1.08 0.99 0.94 0.99 1.16
 INTEREST 0.74 0.51 0.44 0.56 0.80
 STORE RESTRUCTURING 10.05
 TOTAL EXPENSES 33.46 21.42 20.00 21.78 24.82
 PRE-TAX EARNINGS
 (LOSS) -9.43 2.43 4.20 2.37 1.19
 INCOME TAX PROVISION 35.35 32.22 30.30 30.15 27.49
 NET EARNINGS (LOSS) -6.10 1.64 2.93 1.66 0.86
 LOWE'S COMPANIES, INC. AND SUBSIDIARY COMPANIES
 4 CONDENSED QUARTERLY BALANCE SHEETS
 Dollars in millions
 QUARTER ENDED 01/31/92 10/31/91 07/31/91 04/30/91 01/31/91
 ASSETS:
 INVENTORY $602.8 $552.3 $494.2 $517.1 $460.8
 RECEIVABLES 115.7 133.5 133.4 118.0 96.4
 FIXED ASSETS 613.0 583.1 564.4 546.6 541.5
 ALL OTHER 109.7 100.4 93.6 110.9 104.4
 TOTAL $1,441.2 $1,369.3 $1,285.6 $1,292.6 $1,203.1
 EQUITY AND
 LIABILITIES:
 EQUITY $668.6 $716.2 $710.1 $689.6 $682.7
 PAYABLES 307.8 234.4 221.8 238.2 186.9
 DEBT 275.2 278.8 220.0 233.8 223.4
 ALL OTHER 189.6 139.9 133.7 131.0 110.1
 TOTAL $1,441.2 $1,369.3 $1,285.6 $1,292.6 $1,203.1
 5 QUARTERLY BALANCE SHEET CHANGES
 Changes from same quarter previous year, to nearest whole percent
 QUARTER ENDED 01/31/92 10/31/91 07/31/91 04/30/91 01/31/91
 ASSETS:
 INVENTORY 31 11 -2 0 13
 RECEIVABLES 20 -2 -7 -14 -21
 FIXED ASSETS 13 9 7 6 7
 ALL OTHER 5 -11 -16 23 -5
 TOTAL 20 7 -0 3 5
 EQUITY AND
 LIABILITIES:
 EQUITY -2 4 2 4 6
 PAYABLES 65 26 6 -2 -11
 DEBT 23 -1 -14 7 24
 ALL OTHER 72 10 3 -3 -1
 TOTAL 20 7 -0 3 5
 6 QUARTERLY BALANCE SHEET COMPONENT PERCENTAGES
 To nearest whole percent
 QUARTER ENDED 01/31/92 10/31/91 07/31/91 04/30/91 01/31/91
 ASSETS:
 INVENTORY 42 40 38 40 38
 RECEIVABLES 8 10 10 9 8
 FIXED ASSETS 43 43 44 42 45
 ALL OTHER 7 7 8 9 9
 TOTAL 100 100 100 100 100
 EQUITY AND
 LIABILITIES:
 EQUITY 46 52 55 53 57
 PAYABLES 21 17 17 18 16
 DEBT 19 20 17 18 19
 ALL OTHER 14 11 11 11 8
 TOTAL 100 100 100 100 100
 Cash Flow Statement Summary
 Dollars in Thousands
 Yr. 9 Mths. 6 Mths. 3 Mths. Yr.
 Ended Ended Ended Ended Ended
 01/31/92 10/31/91 07/31/91 04/30/91 01/31/91
 Our Cash
 Requirements
 for the Period
 Were:
 Net Cash
 (Invested In)
 Provided by
 Current Assets
 & Current
 Liabilities: ($16,364) ($56,001) ($15,021) ($7,070) ($44,293)
 Combined with
 Net Cash
 Invested
 in Fixed
 and Other
 Assets: (141,352) (81,958) (50,987) (18,566) (82,867)
 Combined with
 Gross Cash
 Used in
 Financing
 Activities: (62,575) (24,607) (14,999) (6,910) (59,653)
 Equals
 Cash Needed
 for the Period: ($220,291)($162,566) ($81,007) ($32,546)($186,813)
 These Cash Needs
 were Financed
 Through:
 Net Earnings
 Adjusted for
 Non-Cash
 Charges: $109,819 $92,283 $65,274 $25,465 $123,467
 Borrowings: 89,919 60,706 1,850 12,678 51,920
 Equity Capital: 1,223 557 494 139 6,004
 Use of Cash on
 Hand and
 Short-Term
 Investments: 19,330 9,020 13,389 (5,736) 5,422
 Total Sources: $220,291 $162,566 $81,007 $32,546 $186,813
 Cash, Cash
 Equivalents and
 Short-Term
 Investments,
 End of Period: $26,088 $41,124 $36,755 $55,880 $50,144
 LOWE'S ANNOUNCES WEEKLY SALES
 Lowe's sales for the third week of February totaled $54.7 million, a 40 percent increase over the third week of February 1991. Sales to retail customers increased 37 percent and sales to contractors increased 47 percent.
 Week Ended: February 21, 1992 February 22, 1991
 Pct. Change Sales Mix Pct. Sales Mix Pct.
 Retail Sales +37 $ 36.8 67 $ 26.8 69
 Contractor Sales +47 $ 17.9 33 $ 12.2 31
 Total Sales +40 $ 54.7 100 $ 39.0 100
 Month-to-Date: February 21, 1992 February 22, 1991
 Pct. Change Sales Mix Pct. Sales Mix Pct.
 Retail Sales +37 $107.7 65 $ 78.9 66
 Contractor Sales +44 $ 58.4 35 $ 40.5 34
 Total Sales +39 $166.1 100 $119.4 100
 Rounded totals, millions of dollars
 Management commented that it was pleased with these sales, since the total of $54.7 million is a strong rebound from the 1991 decline. The February, 1990 comparable week's sales were $ 29.9 million retail, $ 15.3 million contractor, and $ 45.2 million total. The two-year compound growth rates in weekly sales are: Retail, + 11 percent; Contractor, + 8 percent; and Total, + 10 percent.
 Lowe's monthly sales report series will continue to summarize four-wll continue to present precise calendar totals.
 Lowe's is a specialty retailer serving the home center do-it-yourself business, the consumer durables business, and the building contractor business. Lowe's operates 306 stores in 20 states.
 -0- 2/25/92
 /CONTACT: Corporate contacts - W. Cliff Oxford or Clarissa S. Felts, both of Lowe's Companies, Inc., 919-651-4631 or 919-651-4254/
 (LOW) CO: Lowe's Companies, Inc. ST: North Carolina IN: REA SU: ERN


CM-DF -- CH002 -- 2317 02/25/92 11:54 EST
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Date:Feb 25, 1992
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