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Lowe’s to shutter 51 stores in North America

November 5, 2018

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.

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