Lowe’s to ditch Mexico stores in further streamlining
The US-based home-improvement chain strives to compete with rivals including Home Depot
Bengaluru — Lowe’s said on Tuesday it was looking to shed its retail operations in Mexico and certain noncore US businesses as the country’s second-biggest home improvement chain strives to compete with rivals including Home Depot. The share price of the company based in Mooresville, North Carolina, fell 5.3% to $86.50 in premarket trading after Lowe’s also reported a smaller-than-expected rise in same-store sales. Under Marvin Ellison, Lowe’s new CEO, the company has been streamlining its business by shutting underperforming stores and cutting back on slow-moving inventory. The company has perennially lagged Home Depot in same-store sales, despite having about the same number of stores.
Lowe’s said it was looking at all options for its chain of 13 stores in Mexico and that it was “exiting” its US contracting services business Alacrity Renovation Services and security and smart home app Iris Smart Home. Earlier in November, Lowe’s announced the closure of 51 underperforming s...
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