logo
Plus   Neg
Share
Email

Lowe's To Close Certain Underperforming Stores

Lowe's Companies Inc. (LOW) announced the wind-down of certain underperforming store locations as part of its ongoing strategic reassessment.

The company said it will close 20 U.S. stores. Most associates at these stores will be extended opportunities to transition to a similar role at a nearby Lowe's store. The majority of impacted stores are located within 10 miles of another Lowe's store. The company will also close 31 Canadian stores and other locations.

Lowe's expects to close the impacted stores by the end of the company's 2018 fiscal year. The company intends to conduct store closing sales for most of the impacted locations with the exception of select stores in the U.S., which will close immediately. Lowe's has partnered with Hilco Merchant Services to help manage the process in the U.S. and ensure a seamless experience for customers.

The expected financial impact of today's announcement of $0.28 to $0.34 per share was not contemplated in the business outlook for fiscal 2018 which the company provided on Aug. 22 when it released its second quarter earnings.

Additional details regarding the impact of the store closings will be provided in the next quarterly earnings release on November 20, the company said.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Fiat Chrysler Automobiles N.V. (FCAU) has submitted a 50/50 merger proposal to the Board of Groupe Renault (RNSDY.PK, RNSDF.PK, RNT.L). Under the proposal, the combined company would be owned 50% by FCA shareholders and 50% by Groupe Renault shareholders. Separately, Groupe Renault confirmed it has received... Alibaba is upgrading its intellectual property system using blockchain technology, according to local news outlet Sohu. Alibaba Platform Management expects this to benefit mainly small and medium-sized enterprises, brands and entrepreneurs. The technology will be fully implemented in September, and thereafter, the company intends to expand it to the field of digital copyright protection. Electronics retailer Best Buy Co., Inc. (BBY) reported Thursday a 27 percent increase in profit for the first quarter from last year, which was impacted by restructuring charges, and higher revenues. Both adjusted earnings per share and revenues for the quarter topped analysts' estimates. The company also provides guidance for the second quarter and reiterated its outlook for the full-year 2020.