Wednesday, August 22, 2018

Lowe's new chief shuts Orchard stores, promises streamlining

Yahoo Finance
Lowe's Cos Inc on Wednesday promised to cut back slow-moving products and unsuccessful business projects as new Chief Executive Marvin Ellison seeks to turn around a company that has trailed bigger rival Home Depot (HD.N) for years.

Shares of the company reversed course to rise as much as 10 percent and hit a record high as investors cheered better-than-expected quarterly sales and profit as well as Ellison's move to shut struggling Orchard Supply Hardware stores.. . . more