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):
                      February 20, 1998 (February 9, 1998)
                      ------------------------------------

                             LOWE'S COMPANIES, INC.
                             ----------------------
               (Exact name of registrant as specified in charter)

North Carolina                   0-94                            56-0578072
- ---------------              -----------                        -------------
(State or other              (Commission                        (IRS Employer
jurisdiction of              File Number)                    Identification No.)
incorporation)


            P.O. Box 1111
   North Wilkesboro, North Carolina                        28656-0001
   --------------------------------                        ----------
(Address of principal executive offices)                   (Zip Code)

       Registrant's telephone number, including area code: (336) 658-4000
                                                          -----------------

                                 Not Applicable
                                 --------------
          (former name or former address if changed since last report)



                               Page 1 of 4 pages.
                        Exhibit Index appears on page 4.


ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(c)     The following  exhibits are filed in connection with the Registrant's
offer and  sale  on  February  9,  1998  of  $300,000,000  principal  amount  of
6 7/8% Debentures  due  February  15,  2028 (the  "Debentures")  pursuant  to
its Shelf Registration Statements on Form S-3 (File No. 333-14257 and File No.
333-42733). The  Debentures  were issued  under the Amended and  Restated
Indenture,  dated December 1, 1995, between the Registrant and The First
National Bank of Chicago, as trustee.

         Exhibits

         1.1      Purchase  Agreement,  dated  February 4, 1998,  among  Merrill
                  Lynch  &  Co.,   Merrill   Lynch,   Pierce,   Fenner  &  Smith
                  Incorporated,  Lehman  Brothers  Inc.,  Morgan  Stanley  & Co.
                  Incorporated and Lowe's Companies, Inc.

         4.1      Amended  and  Restated  Indenture,  dated  December  1,  1995,
                  between Lowe's Companies,  Inc. and The First National Bank of
                  Chicago,  as  trustee  (filed as  Exhibit  4.1 to the  Current
                  Report  on  Form  8-K of  Lowe's  Companies,  Inc.,  filed  on
                  December 15, 1995, and incorporated by reference herein).

         4.2      Form of Lowe's Companies,  Inc. 6 7/8% Debentures due February
                  15, 2028.

                                       2





                                    SIGNATURE

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.



Date: February 20, 1998                       /s/ Richard D. Elledge
                                              ----------------------------------
                                              Name: Richard D. Elledge
                                              Title: Senior Vice President/
                                                       Assistant Secretary



                                       3





                                  EXHIBIT INDEX

         1.1      Purchase  Agreement,  dated  February 4, 1998,  among  Merrill
                  Lynch  &  Co.,   Merrill   Lynch,   Pierce,   Fenner  &  Smith
                  Incorporated,  Lehman  Brothers  Inc.,  Morgan  Stanley  & Co.
                  Incorporated and Lowe's Companies, Inc.

         4.1      Amended  and  Restated  Indenture,  dated  December  1,  1995,
                  between Lowe's Companies,  Inc. and The First National Bank of
                  Chicago,  as  trustee  (filed as  Exhibit  4.1 to the  Current
                  Report  on  Form  8-K of  Lowe's  Companies,  Inc.,  filed  on
                  December 15, 1995, and incorporated by reference herein).

         4.2      Form of Lowe's Companies,  Inc. 6 7/8% Debentures due February
                  15, 2028.

                                       4