News | Quarterly report

Back

Lowe’s loses sales and closes 34 stores in Canada

For the third quarter, Lowe's reports sales decreasing by 0.16 per cent.

For the third quarter, Lowe's reports sales decreasing by 0.16 per cent.

Lowe's will close 34 underperforming stores in Canada. Based on the findings of a strategic review, in the fourth quarter, the American home improvement retailer decided to take some more actions to improve future sales performance and profitability. It will undertake a process to simplify multiple Canadian store banners to drive efficiency and reduce operational complexity and reorganise the corporate support structure across Canada to serve stores more efficiently. And what is more, the retailer will rationalise the product assortment across the simplified Canadian store banners, to present a more coordinated assortment to the customer.

The company announced these actions in its quarterly report, which reports decreasing sales for the third quarter (ended 1 November 2019) of its fiscal year 2019/2020. Sales volume was USD 17.388 bn, down by 0.16 per cent. However, consolidated comparable sales increased by 2.2 per cent, and comparable sales for the U.S. home improvement business increased by 3.0 per cent.

|21 November 2019


SEND
 PRINT 

Post a comment

* Please complete the areas marked in red correctly and in full!.



(will not be published)

* obligatory fields


Latest news

Light + Building postponed to September 2020

The Light + Building trade fair in Frankfurt am Main (Germany) has been postponed. The reason is the increasing spread of the coronavirus in Europe. View news...

Sector fairs cancelled in Italy due to coronavirus

Trade shows in Italy have been impacted by the safety precautions implemented to contain the coronavirus. The garden fair Myplant & Garden, which View news...

From Africa to Taiwan, from living trends to the flowers market

The latest issue of DIY International announces its major regional report on home improvement in Africa on the title page. Readers will find more View news...

Bunnings increases sales by 5.3 per cent

Bunnings increased its sales between July and December 2019, the first six months of its fiscal 2019/2020, by 5.3 per cent in Australia and New View news...