Walmart filling big-box holes
An article in the Washington Post reported how Lowe’s, Home Depot and other big-box retailers are either pulling out or reconsidering their plans to open stores in the Washington, D.C.-Baltimore area — leaving plenty of opportunity for future Walmarts.
The Bentonville, Ark., retailer has moved “aggressively” to open four new stores in the Washington area, according to the newspaper, in some cases taking over spots that had been planned for other retailers, including Home Depot and Target. Walmart is also moving into a Washington, D.C., shopping plaza where Lowe’s plans are still up in the air, the article reported.
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Lowe’s reports third-quarter earnings decline
Mooresville, N.C.-based home improvement giant Lowe’s reported net earnings of $225 million for the quarter ended Oct. 28, a 44.3% decline from the same period a year ago.
Sales for the quarter increased 2.3% to $11.9 billion, up from $11.6 billion in the third quarter of 2010. For the nine months, sales were $38.6 billion, an increase of 0.6 % from the same period a year ago.
Comparable-store sales for the third quarter increased 0.7%, and for the first nine months of 2011 decreased 1.0%.
"Our performance is not at the level we expect relative to the market," said Robert Niblock, Lowe’s chairman, president and CEO. "We are making the changes necessary to right size the organization, improve speed to market and enhance the shopping experience. We are keenly focused on improving our core business while also developing new capabilities and services for the future. I am confident we are moving forward on a clear path that is not dependent on an unlikely near-term economic recovery."
Charges related to store closings and discontinued projects reduced pre-tax earnings for the quarter by $336 million.
During the quarter, Lowe’s opened eight stores. As of Oct. 28, Lowe’s operated 1,744 stores in the United States, Canada and Mexico, representing 196.5 million sq. ft. of retail selling space, a 0.5% increase over last year.
The biggest problem that
The biggest problem that Lowe's has is supply. They cannot get the products into the store.They are often out of everyday basics.I work there and it is frustrating.Home Depot seems to be more in-stock than Lowe's.