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Amid Struggling Sales, Lowe’s Is Closing Orchard Supply Hardware Stores [Fortune]

HOME DEPOT (HD)  More Company Research Source: Fortune
Last home depot earnings: 11/13 06:00 am Check Earnings Report
US:NYSE Investor Relations: ir.homedepot.com
PDF Lowe’s reported its second quarter earnings on Wednesday, beating expectations. But there is bad news for subsidiary Orchard Supply Hardware. Lowe’s net income rose 7% to $1.52 billion in the second quarter, with the company earning $2.07 per share and net sales rising 7% to $20.89 billion. But the home improvement chain missed analyst estimates for same-store sales, rising 5.2%—just shy of the average 5.34% estimate. With the news of struggling same-store sales, Lowe’s also announced that it would be shuttering all of the Orchard Supply Hardware stores by year’s end. Lowe’s had bought the chain in 2013, not long after it had filed for bankruptcy protection. Lowe’s informed Orchard’s 4,000 employees on Tuesday that the stores would be closing permanently. Liquidations are reportedly scheduled to begin on Thursday. Lowe’s also said it would begin to “ aggressively rationalize store inventory ,” cutting back on slow-selling products . Lowe’s also cut its full-ye [Read more]

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