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MarketScreener Homepage  >  Equities  >  Nyse  >  Lowe's Companies, Inc.    LOW

LOWE'S COMPANIES, INC.

(LOW)
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Lowe : Lays Off Thousands of Store Workers--3rd Update

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08/01/2019 | 05:44pm EST

By Sarah Nassauer

Lowe's Cos. told thousands of store workers this week their jobs were being eliminated as the company outsourced tasks such as assembling barbecue grills and janitorial services.

The home-improvement chain notified maintenance staff and assemblers that put together grills, wheelbarrows and other products that they were being laid off, according to the company and employees. Those roles will be taken over by third-party companies.

Each of Lowe's roughly 1,800 U.S. stores has several staff members doing these jobs. Workers are able to reapply for open positions with the company, the employees said, but aren't guaranteed the same hourly pay.

Lowe's employed 190,000 full-time and 110,000 part-time workers as of Feb. 1.

"We are moving to third-party assemblers and facility services to allow Lowe's store associates to spend more time on the sales floor serving customers," said a spokeswoman for Lowe's.

The move is a sign that new CEO Marvin Ellison plans to continue to cut costs aggressively to improve profits at the chain. Earlier this year, the company lowered its profit targets for the year.

Traditional retailers are scrutinizing their labor costs as they face increasing competition and adapt to consumers making more of their purchases online. Retailers from Walmart Inc. to the smallest shops are under pressure as they increase starting hourly wages to attract workers in a tight U.S. job market. Walmart is testing a new store management structure that will thin middle-manager ranks. Lowe's and rival Home Depot Inc. have added self-checkout counters to free workers for other roles.

Mr. Ellison -- previously a senior executive for Home Depot and most recently CEO of struggling department store J.C. Penney Co. -- took over at Lowe's last summer and moved quickly to shuffle executive ranks, often giving top jobs to former colleagues from Home Depot. He closed 47 less-profitable U.S. and Canadian stores last year and shut down Orchard Supply Hardware stores, a small regional hardware chain that Lowe's acquired five years previously.

In recent years, Lowe's sales growth has lagged behind rival Home Depot. Investors largely cheered Mr. Ellison's arrival at Lowe's as an opportunity to boost performance. In the most recent quarter, Lowe's sales growth outpaced Home Depot for the first time since 2016. But profit margins declined more than expected and Lowe's cut its profit expectations for the year, leading to a 12% drop in the company's stock that day.

Write to Sarah Nassauer at sarah.nassauer@wsj.com

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Financials (USD)
Sales 2020 72 284 M
EBIT 2020 6 508 M
Net income 2020 4 302 M
Debt 2020 18 321 M
Yield 2020 1,74%
P/E ratio 2020 21,5x
P/E ratio 2021 17,6x
EV / Sales2020 1,51x
EV / Sales2021 1,49x
Capitalization 90 827 M
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Technical analysis trends LOWE'S COMPANIES, INC.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 33
Average target price 131,03  $
Last Close Price 118,50  $
Spread / Highest target 29,1%
Spread / Average Target 10,6%
Spread / Lowest Target -16,5%
EPS Revisions
Managers
NameTitle
Marvin R. Ellison President, Chief Executive Officer & Director
Richard W. Dreiling Chairman
David M. Denton Executive VP, Chief Financial & Accounting Officer
Seemantini Godbole Chief Information Officer
Ralph Alvarez Independent Director
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