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Bloomberg
Lowe’s Cos. said it will exit its Mexico retail operations after the home-improvement chain reported sluggish same-store sales in the third quarter and cut its fiscal-year guidance again.
Same-store sales rose 1.5 percent overall and 2 percent in the US, trailing analysts’ estimates.
The company also said it will also divest Alacrity Renovation Services and Iris Smart Home.
This was the first full quarter under Chief Executive Officer Marvin Ellison, who has been aggressive since becoming CEO in July. The latest announcements suggest he’s stepping up the pace of restructuring. Lowe’s did manage to meet profit targets, which has been a problem for the company. Earnings of $1.04 a share topped analysts’ average estimate of 98 cents.
The investor backlash that led to Ellison’s arrival centered on how the company has so often failed to measure up to Home Depot Inc., its
larger rival.