10

INDEPENDENT ACCOUNTANTS' REPORT

The Board of Directors
Lowe's Companies, Inc.:

     
We have reviewed the accompanying consolidated condensed balance sheet of
Lowe's Companies, Inc. and subsidiary companies as of April 30, 1994, and the
related consolidated condensed statements of current and retained earnings and
cash flows for the three month periods ended April 30, 1994 and 1993. These
financial statements are the responsibility of the Company's management.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial information
consists principally of applying analytical procedures to financial data and of making
inquiries of persons responsible for financial and accounting matters. It is
substantially less in scope than an audit conducted in accordance with generally
accepted auditing standards, the objective of which is the expression of an opinion
regarding the financial statements taken as a whole. Accordingly, we do not express
such an opinion.

Based on our review, we are not aware of any material modifications that should be
made to such consolidated condensed financial statements for them to be in
conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of Lowe's Companies, Inc. and subsidiary
companies as of January 31, 1994, and the related consolidated statements of
current and retained earnings and cash flows for the year then ended (not presented
herein); and in our report dated March 9, 1994, we expressed an unqualified opinion
on those consolidated financial statements. In our opinion, the information set forth
in the accompanying consolidated condensed balance sheet as of January 31, 1994
is fairly stated, in all material respects, in relation to the consolidated balance sheet
from which it has been derived.

/s/ Deloitte & Touche

Charlotte, North Carolina
May 10, 1994