Lowe's Reiterated Prior Sales and EPS Outlook for FY2011

Lowe's Companies, Inc. LOW will discuss progress made on its mission to deliver better customer experiences and provide further details of its strategy designed to drive long-term sales growth, increased profitability and enhanced shareholder value when the company meets with analysts and investors today in Mooresville, North Carolina at its annual conference. Lowe's Business Outlook Fiscal Year 2011 – a 53-week year (comparisons to fiscal year 2010 – a 52-week year) Total sales are expected to increase 2 to 3 percent, including the 53rd week The 53rd week is expected to increase total sales by approximately 1.5 percent The company expects comparable store sales to decline approximately 1 percent The company expects to open approximately 25 stores in 2011 Earnings before interest and taxes as a percentage of sales (operating margin) are expected to decrease 80 to 90 basis points, which includes approximately 80 basis points impact from charges associated with store closings and discontinued projects Depreciation expense is expected to be approximately $1.5 billion Diluted earnings per share of $1.37 to $1.40 are expected for the fiscal year ending February 3, 2012, which includes approximately $0.20 per share impact from changes associated with store closings and discontinued projects