Lowe’s struggles in Canada
Retail giant discusses its strategy to deal with issues in Canada
By Rob Blackstien
A couple of weeks ago in our eNews, we talked about the recent news that Lowe’s was shutting down 34 stores in Canada.
Well, in its third quarter earnings conference call last week, Lowe’s went into greater detail about some of its challenges, as reported by The Motley Fool.
Among the highlights:
- Sales were up in Q3 despite the struggles in Canada;
- Among the challenges Lowe’s outlined for the quarter were comps declines in Canada;
- Management expressed surprise over the Canadian sales decline, and as such decided a more aggressive approach was required, hence the store closures; and
- Further, Lowe’s revealed plans for a cost-cutting initiative that will involve the consolidation of some of its five retails brands within Canada.