Lowe’s has run into trouble both north and south of the border. In a statement noting that “U.S. macroeconomic fundamentals remain sound for 2019,” CEO Marvin Ellison also said that he anticipates a weak housing market in Canada in the near term, but remains “confident in our market position in Canada and the long-term potential of that business.”
Performance at the Canadian unit, as well as the decision to exit its Mexico and Orchard Supply businesses, contributed to “the rather meagre total sales uplift,” according to GlobalData Retail Managing Director Neil Saunders.
