Lowe’s loses sales and closes 34 stores in Canada
Lowe's will close 34 underperforming stores in Canada. Based on the findings of a strategic review, in the fourth quarter, the American home improvement retailer decided to take some more actions to improve future sales performance and profitability. It will undertake a process to simplify multiple Canadian store banners to drive efficiency and reduce operational complexity and reorganise the corporate support structure across Canada to serve stores more efficiently. And what is more, the retailer will rationalise the product assortment across the simplified Canadian store banners, to present a more coordinated assortment to the customer. The company announced these actions in its quarterly report, which reports decreasing sales for the third quarter (ended 1 November 2019) of its fiscal year 2019/2020. Sales volume was USD 17.388 bn, down by 0.16 per cent. However, consolidated comparable sales increased by 2.2 per cent, and comparable sales for the U.S. home improvement business increased by 3.0 per cent.