Lowe’s: ‘Not pleased’ and not standing still

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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)

Lowe’s Rolls up its Sleeves and Addresses Merchandising

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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. Continue reading the article

(As reported in Home Channel News)

Lowe’s Closes Seven Stores

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Lowe’s Cos. reported Monday that profit for the quarter ended July 29 was $830 million, down from $832 million in the year-ago period. The home improvement retailer closed seven underperforming stores on Sunday and trimmed its earnings forecast for the year.

“Despite some recovery in our seasonal business, our performance for the quarter fell short of our expectations,” said Robert A. Niblock, CEO.

(As reported in Chain Store Age)

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Home Depot’s Second Quarter – The Tale of the Tape

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The Home Depot’s Craig Menear, executive VP merchandising, said the company’s strong 4.3% comp-store sales performance in the second quarter was boosted by outdoor projects, storm-related repairs and steady strength in core departments. Performance was aided by Home Depot’s improved supply chain and merchandising tools, he said.

“At the end of the first quarter, we chose to carry more inventory to keep our stores fully stocked with seasonal product,” Menear told analysts during the company’s earnings-report conference call. “This was the right decision. Improvements in the weather combined with our merchandising tools and enhanced transportation network allowed us to end the first half with inventory turns flat to last year.”

(As reported in Home Channel News)

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Service Outweighs Price

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A customer satisfaction survey by J.D. Powers and Associates found that sales, delivery and installation service are slightly more important than facilities, product assortment and price when it comes to buying major appliances.

Combined, the importance of the sales staff, delivery and installation service factors slightly exceed the combined importance of the store facility, merchandise and price factors (51% versus 49%, respectively). Courtesy of the sales staff is the most important aspect within the sales staff and service factor, while courtesy of delivery personnel is the most important element of delivery service.… Read the article

(As reported by Home Channel News)

Lowe’s Embraces Change at Shareholder’s Meeting

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At its annual meeting, Lowe’s chairman and CEO Robert A. Niblock continued to hammer on the theme of transformation at the nation’s second-largest home center chain.

“Making home improvement simple for customers starts with making it simple for our employees by providing them with the right technology and resources,” said Niblock. “Throughout our 65-year history, Lowe’s has changed many times. To be successful in the future, we must transform the shopping experience for customers wherever and however they choose to shop with Lowe’s.”

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As reported by Home Channel News

Mahurin’s Moves to Orchard Supply Hardware

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Steve Mahurin, the former Home Depot and True Value Co. merchandising executive, will take over as the senior merchant at San Jose, Calif.-based Orchard Supply Hardware. Mahurin’s appointment as executive VP and chief merchandising officer takes effect May 2. He will replace Steve Olsen, who has been named senior VP and chief strategy officer for the California hardware chain. Both men will report to Mark Baker, who was named CEO earlier this year.

(As reported by Home Channel News)

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Lowe’s Goes Beyond Home Improvement Retailing

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In the 1980s, when Lowe’s decided to change from a chain of southeastern contractor yards to a nationwide big-box retailer, the company knew it wouldn’t happen overnight. But a steady vision, stable leadership and good relations with Wall Street made the goal a reality. Today, the North Carolina-based company has more than 1,725 warehouse-sized stores in all 50 states plus Canada and Mexico.

Now it’s time for another change.

(as reported by Brae Canlen of the Home Channel News)

Home Depot nominates new board of directors

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The Home Depot board of directors has nominated for election two new possible members.  Ronald L. Sargent, CEO of Staples, and J. Frank Brown, the dean of a prominent international business school, will be up for consideration during the company’s annual meeting on June 2.  In other news, David H. Batchhelder will be stepping down as a director after serving for the last 5 years…(read more)

Home Depot Canada Appoints New President

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Bill Lennie was named the new president for Home Depot Canada.  He will be replacing Aaron Carmack who is on an extended leave of absence to deal with a personal matter.  Lennie was previously the company’s senior VP of merchandising, international and sourcing where he was responsible for various operations including environmental innovation…(read more)