Lowe’s second-quarter financial report was a disappointment to the company’s executives, who made no excuses for the retailer’s poor showing. Earnings were down slightly, revenues grew by only 1.3%, and comp-store sales were essentially flat. “Even after taking into account the challenges of the macro environment, we are still not pleased with our performance this year,” said chairman and CEO Robert Niblock, speaking at an analysts’ conference call on Aug. 15.
Instead, Niblock and his executive team outlined a series of initiatives they intend to implement — or in some cases, accelerate — to address some “gaps” they’ve identified through a critical analysis undertaken earlier in 2011.“We will go to market differently beginning in the second half of this year,” Niblock said.
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(As reported in Home Channel News)