The Great Recovery? Lowes to Close 51 Stores

in #stocks5 years ago (edited)

Lowe's announced today that it will close 20 under-performing stores in the U.S. and 31 under-performing stores in Canada. Personally, I love Lowes and have given them a lot of my cash over the years, but this is an odd strategic step from a company during what our politicians and talking head economists would have us believe is a "Great Recovery."

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Source

They published a list of the stores affected on their website below:

https://newsroom.lowes.com/inside-lowes/lowes-store-closures-2018/

Lowes said that most employees at the stores closing will be offered similar jobs at a nearby store. Most of the stores being closed are within 10 miles of another Lowes store. The company expects the store closures to be completed by Feb. 1, 2019, when FY2018 ends. The expected impact on per-share earnings is 28 cents - 34 cents.

CEO Marvin Ellison said:

"While decisions that impact our associates are never easy, the store closures are a necessary step in our strategic reassessment as we focus on building a stronger business."

With top line growth being so important to Wall Street, this is an odd move by a seemingly strong retailer. Strong on the surface at least.

Their stock price is down just shy of .5% this morning and still up a few bucks on the year:

Over the last 10 years, the stock has been on a tear...from around $15 to a peak of $116. Oh what wonders a few trillion in money printing by the Fed to bail out the housing market can do.

@matthewwarn

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I thought Trump just said this is the best economy EVER!!! It is funny how when you actually look into the facts that the truth is not what we are being told. Great post!!!

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