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Lowe & # 39; s Companies
LOW, -0.64%
Monday announced the closing of 20 underperforming stores in the United States and 31 stores in Canada, as part of a strategic re-evaluation. The home improvement retailer said that most employees at store closings will be offered similar jobs at a nearby store, with most closed stores eating within 10 miles of another store. The company expects store closures to be completed by February 1, 2019, at the end of fiscal 2018. The expected impact on earnings per share is included between 28 and 34 cents. "While decisions that affect our associates are never easy, store closures are a necessary part of our strategic re-evaluation as we focus on strengthening our business," said Managing Director Marvin Ellison. The stock, which was still inactive in pre-market trading, has risen 4.2% since the beginning of the year, while competing shares of Home Depot Inc.
HIGH DEFINITION, -0.29%
lost 5.1% and the Dow Jones Industrial Average
DJIA, -0.43%
added 2.2%.
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