New CEO Marvin Ellison, who arrived in May from J.C. Penney, appears to be taking charge at Lowe’s by shaking up his leadership team at a time when competition is heating up with rival The Home Depot.
Lowe’s in August reported a second-quarter sales rise of 7.1% year over year to $20.9 billion. Comparable sales in the quarter rose 5.2% as U.S. comps rose 5.3% and net earnings rose 7.1% to $1.5 billion. The financial impact of the store closures wasn’t factored into its guidance released earlier this year, the company said on Monday.
