The sale of Lowe’s Canada is expected to close in early 2023. Lowe’s also said it expects to record a pre-tax non-cash impairment charge of approximately $2.0 billion related to its Canadian retail business.
In August, Lowe's reported sales for the second quarter were $27.5 billion compared to $27.6 billion in the second quarter of 2021 as comparable sales decreased 0.3%. The retailer expects full-year sales to range between $97 billion and $99 billion.
Another major move made under Ellison’s leadership was the August 2018 decision to close 99 Orchard Supply Hardware stores in California, Oregon, and Florida. Lowe’s had purchased Orchard Supply Hardware just five years earlier.
That decision was also aimed at placing a greater emphasis on Lowe’s traditional stores.
Moving forward, Lowe’s Canada and the Rona banners will be positioned as a standalone company based in Boucherville, according to Stefan Kaluzny, managing director of Sycamore Partners.
"We look forward to working with the company's management team to build on its 83-year history as a leading Canadian home improvement business serving families, builders, and contractors in their communities across the country,” Kaluzny said.
Tony Cioffi was appointed president of Lowe’s Canada this past January and succeeded Tony Hurst who moved to U.S. operations after being named Lowe’s senior vice president of pro, services, and international.
We are excited to work with Sycamore Partners on this next chapter of growth for our business." Cioffi said. "Together, we will remain committed to supporting our associates, our Canadian- and Quebec-based vendors and our dealer network."
Based in Mooresville, N.C., Lowe’s operates early 2,200 U.S. home improvement and hardware stores and employs over 300,000 associates.
Lowe's will present its third quarter 2022 sales and earnings on Nov. 16.