- Lowe’s missed on the top and bottom lines as a longer winter cut into the spring selling season.
- The retailer named Marvin Ellison as its new CEO on Tuesday.
(AP) — Lowe’s, which named a new CEO this week, is reporting weak profit and revenue numbers for its first quarter in which harsh winter weather cut into the traditional spring sales season.
The Mooresville, North Carolina, company earned $ 988 million, or $ 1.19 per share, for the three months ended May 4. A year earlier the home improvement retailer earned $ 602 million, or 70 cents per share.See the rest of the story at Business Insider
- Target’s massive overhaul is squeezing profits
- JCPenney’s CEO just signaled the end of retail as we know it
- Amazon is punishing customers who return too many items — and it’s a trend sweeping across the retail industry