Lowe's Companies Inc. (NYSE: LOW), Mooresville, NC, reported third-quarter sales of $17.4 billion, up nearly 4 percent compared with the third quarter of 2017. Comparable sales increased 1.5 percent, and comparable sales for the U.S. home improvement business increased 2 percent during the quarter, the company said.
Net earnings for the quarter were $629 million, down from $872 million in the prior-year period. The quarterly earnings reflected $280 million in pre-tax charges related to the company’s strategic reassessment of the business.
As a result of the reassessment, Lowe’s said it intends to exit its Mexico retail operations and is “exploring strategic alternatives.” The company also has identified non-core activities within its U.S. home improvement business to exit, including Alacrity Renovation Services and Iris Smart Home. These actions are in addition to previously announced decisions to exit its Orchard Supply Hardware operations, and close 20 underperforming stores in the United States and 31 stores and other locations in Canada, Lowe’s said.
