FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * MABRY JOSEPH MICHAEL JR   2. Issuer Name and Ticker or Trading Symbol LOWES COMPANIES INC [LOW] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) EVP Logistics and Distribution (Last) (First) (Middle) 1000 LOWE'S BOULEVARD 3. Date of Earliest Transaction (Month/Day/Year) 03/25/2011 (Street) MOORESVILLE, NC 28117 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/25/2011   M   66,000 A $ 26.785 214,792 D   Common Stock 03/25/2011   S   66,000 D $ 27.2238 (1) 148,792 D   Common Stock 03/25/2011   M   30,000 A $ 26.785 178,792 D   Common Stock 03/25/2011   F   29,455 D $ 27.28 149,337 D   Common Stock 03/25/2011   D   545 (2) D $ 0 148,792 D   Common Stock 03/28/2011   M   30,000 A $ 26.785 178,792 D   Common Stock 03/28/2011   F   29,553 D $ 27.19 149,239 D   Common Stock 03/28/2011   D   447 (2) D $ 0 148,792 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Non-Qualified Stock Option (right to buy)

$ 26.785

03/25/2011

M

66,000

05/28/2005

05/28/2011

Common Stock

66,000

$ 0

60,000

D

Non-Qualified Stock Option (right to buy)

$ 26.785

03/25/2011

M

30,000

05/28/2006

05/28/2011

Common Stock

30,000

$ 0

30,000

D

Non-Qualified Stock Option (right to buy)

$ 26.785

03/28/2011

M

30,000

05/28/2006

05/28/2011

Common Stock

30,000

$ 0

0

D

Phantom Stock

$ 0

03/25/2011

A

545 (2)

(3)

(3)

Common Stock

545

$ 0

545

D

Phantom Stock

$ 0

03/28/2011

A

447 (2)

(3)

(3)

Common Stock

447

$ 0

992

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
MABRY JOSEPH MICHAEL JR 1000 LOWE'S BOULEVARD MOORESVILLE, NC 28117			EVP Logistics and Distribution

Signatures

By: Sandra Felton For: Joseph Michael Mabry, Jr.		03/29/2011
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	This transaction was executed in multiple trades at prices ranging from $27.220 to $27.231. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.
(2)	Rule 16b-3 exempt transaction involving issuance of phantom shares in lieu of common stock pursuant to Deferred Compensation Program.
(3)	Reporting person receives an equivalent number of shares of common stock in five installments beginning on the March 15th following termination.

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