Canada: Lowe’s Canada’s new DC will be biggest in Western Canada

Lowe’s Canada has unveiled plans to open a giant distribution centre in the greater Calgary area. The facility, which will be 1.23 million sqft in size, is expected to open in the autumn of 2021 and will represent a total joint investment of more than $120m. The DC will become part of a network supplying more than 470 corporate and affiliated stores under Lowe’s Canada’s different banners. The Lowe’s facility will reportedly be the largest leased DC in Western Canada. Construction is slated to begin this month.

Source: www.hardlines.ca

U.S.: Lowe’s Q1 results exceed estimates

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.

 

Source: www.hardlines.ca

Canada: American Anthony T. Hurst to head Lowe’s Canadian division

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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Canada: Lowe’s Canada CEO Sylvain Prud’homme retires

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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U.S.: Lowe’s Q2 comp sales up

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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U.S: Lowe’s reports positive Q1

Lowe’s Cos. has reported net earnings of $1 bn and diluted earnings per share of $1.31 for the first quarter of 2019, up from earnings of $988m and diluted EPS of $1.19 for the same period last year. Sales for the quarter rose 2.2% to $17.7 bn from $17.4 bn a year ago, with comparable sales up 3.5%. Comparable sales for the U.S. home improvement business increased 4.2%. The company previously announced its intention to exit its Mexico retail operations and had planned to sell the operating business. Following a market evaluation, however, the decision was made in the first quarter to instead sell the assets of the business, resulting in an $82m tax benefit.

 

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