On Wednesday Lowe’s Companies (NYSE:LOW) stock recorded daily change of 3.91% to close at $117.83 with the total traded volume of 16114964 shares along average volume of 3269658 shares 52 week range of the stock remained $ 84.75 – 121.22 while its day low price was $116.96 and its hit its day high price at $121.22. Its previous closing value stands at $113.4. LOW total market capitalization is $90941077583. Currently stocks EPS is $3.2 while its price to earnings ratio is 36.85.
On Nov. 20, 2019, Lowe’s Companies (NYSE:LOW) revealed net earnings of $1.0 billion and diluted earnings per share of $1.36 for the quarter ended Nov. 1, 2019, which included non-cash pre-tax charges of $53 million further described below, compared to net earnings of $629 million and diluted earnings per share of $0.78 in the third quarter of 2018. Excluding the impact of these charges, adjusted diluted earnings per share1 increased 35.6 percent to $1.41 from adjusted diluted earnings per share1 of $1.04 in the third quarter of 2018.
The $53 million non-cash pre-tax charges referenced above resulted from the company initiating a strategic review of its Canadian operations during the third quarter. This review led to long-lived asset impairments and a change to the Canadian leadership team in the third quarter. Based on the findings of the strategic review, in the fourth quarter, the company decided to take the following actions to improve future sales performance and profitability:
- Close 34 underperforming stores in Canada;
- Undertake a process to simplify multiple Canadian store banners to drive efficiency and reduce operational complexity;
- Reorganize the corporate support structure across Canada to more efficiently serve stores; and
- Rationalize the product assortment across the simplified Canadian store banners, to present a more coordinated assortment to the customer.
Marcus Miller writes for Finance section of website. He has been a freelance journalist for 8 years, contributing to different online publications. Marcus graduated from University with a BBA in Management with a concentration in Consulting and Business Analysis. In his free time, he likes to indulge in outdoor activities, binge watch HBO GO series and catch local bands playing. He is currently based in USA, and can be reached at [email protected].
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