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Saturday, September 19, 2020
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Business Lowe's shows improvement

Lowe’s shows improvement

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Lowe’s earlier this month reported yet another solid quarter of sales growth as it rebuilds itself under CEO Marvin Ellison. The nation’s second-largest home improvement retailer has posted surprisingly good sales growth this year while larger rival Home Depot has been cutting sales forecasts. It’s a noticeable turnaround for Lowe’s after years of disappointing results that highlighted its position as runner-up in the sector. Ellison, the one-time Home Depot executive who took the top job at Lowe’s

last year, is getting much of the credit for the turnaround. He moved to improve Lowe’s business with professional customers who represent about 23% of the company’s sales. He also focused on getting more shoppers into stores by improving customer service and making sure the right items are in stock. “Neither of these things is revolutionary but they are essential housekeeping points that were neglected until Marvin Ellison and his team remedied them,” said Neil Saunders, managing director of GlobalData Retail.

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