Tuesday, November 20, 2018

Lowe’s plans more cost-cutting despite better-than-expected earnings

The Charlotte Observer
Mooresville-based Lowe’s reported better-than-expected earnings and sales for the third quarter on Tuesday. But the company said it will exit its Mexico business as part of its ongoing effort to improve profitability.

Sales for the quarter were $17.4 billion, up 3.8 percent from a year ago and above the $17.33 billion estimate from Wall Street analysts. Same-store sales, an industry term that gauges the health of the retailer and refers to sales at stores open at least a year, rose 1.5 percent. Same-store sales in the U.S. rose 2 percent. . . . more