Lowe’s Cos. reported its Q1 net earnings rose 27.8% to USD 1.34 bn. Same-store sales soared by 11.2%, where analysts expected an increase of just 3.4%. Overall net sales were up nearly 11% to USD 19.68 bn, while online sales jumped by 80% as customers flocked to e-retail with restrictions in effect on in-person shopping.
Anthony T. (Tony) Hurst has been appointed president, Lowe’s Canada. He just has to get authorization to work in Canada, a process which is expected to be completed next month. Based in Boucherville, Que., Hurst will report to President and CEO Marvin Ellison at Lowe’s head office in Mooresville, N.C. Hurst most recently served as Lowe’s senior vice president of enterprise and strategy transformation, and held the position of Lowe’s division president for the West region. His background includes J.C. Penney and Home Depot in the U.S. Tony Cioffi will continue as interim president of Lowe’s Canada and, after the transition, will resume his previous role as group financial officer and leader of the affiliated dealers, real estate and Dick’s Lumber businesses.
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Sylvain Prud’homme, president of Lowe’s Canada, has announced his retirement from the company. Pending his permanent replacement, Tony Cioffi, executive vice-president, finance, real estate and dealers, will be acting as interim president. “After more than 35 years in the retail industry in roles that have taken me across the country, including six years with Lowe’s Canada, it is with mixed feelings that I am announcing my retirement. We have accomplished a lot over the last several years, and I feel that the time is right for me to spend more time with my wife and family and hand over the reins of the company. I feel blessed to have had this opportunity and thank all Lowe’s Canada associates for their hard work for the organization,” Prud’homme said in a statement.
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Lowe’s Cos. has released its second-quarter results with net earnings of $1.7 bn, up from $1.5 bn in the second quarter of 2018. Sales for the second quarter increased 0.5% to $21.0 bn from $20.9 bn, while comparable sales increased 2.3%. Comparable sales for the U.S. home improvement business increased 3.2%. “We capitalized on spring demand, strong holiday event execution and growth in paint and our pro business to deliver strong second quarter results,” said Lowe’s President and CEO Marvin Ellison.
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Canadian Tire Corp. has released its second-quarter results for the period ended 29 June. Consolidated retail sales increased $53.6m or 1.3% in the period. Excluding petroleum, consolidated retail sales were up 2.3% over the same time last year.
Consolidated revenue grew by 5.9%. Excluding petroleum, it was up by 7.9% in the quarter. For the retail segment, revenue increased 5.7%. Excluding petroleum, retail segment revenue increased 7.8%. Retail sales by Canadian Tire stores increased by 2.1% and comparable sales were up 1.9% in the second quarter.
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