Lowe closes markets and exits its operations in Mexico
Lowe is the second largest home improvement retailer in the US after Home Depot, with sales of USD 55.66 bn (EUR 48.95 bn).
in the 9 months of its 2018 fiscal year (February - October), compared to a year ago this was a plus of 4.8%. Net earnings were USD 3.1 bn (EUR 2.7 n); an increase of 8.5%.
Despite the good results, the new CEO Marvin R. Ellison was not satisfied with some sections and problems in certain categories.
Lowe does not look for short-term solutions to these problems; they want to redesign processes and systems in order to achieve sustainable improvements. Activities that are no longer part of the core business or branches that underperform will be closed.
These include now 20 stores in the United States, and 31 stores in Canada; Furthermore, they intend to exit their retail operations in Mexico.
Now it's all about focusing on the 4th quarter and its core business.