Lowe’s completes business review and the verdict is: There are a lot of problems [MarketWatch]
Home Depot, Inc. (The) (HD)
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Source: MarketWatch
Lowe’s completes business review and the verdict is: There are a lot of problems Among the many announcements Lowe’s Corp. made with its third-quarter earnings, Chief Executive Marvin Ellison said the home repair retailer “substantially completed” a review of the business, and then listed all of the problems facing the company. “[O]ut-of-stocks continue to pressure sales,” Ellison said on the Tuesday earnings call, according to a FactSet transcript. “[O]ur inefficient reset process continued to create disruption in our stores and contributed to out-of-stocks. In fact, all of our categories with negative comps, millwork, paint, fashion fixtures and flooring, were pressured by poorly-executed resets.” And that’s not all. “[O]ur store processes are too complex, our labor management system is primitive, and our associates are burdened with too many tasks,” Ellison said. “These distractions are preventing our associates from spending adequate time with the customer to provide assistance.”
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