Chief executive Marvin Ellison told analysts Wednesday that Canadian same-store sales -- a key retail metric -- were negative during the three-month period ended May 1. The extent of the decline wasn't quantified.
Ellison attributed the Canadian network's performance to store closings and reduced hours ordered by governments to curb the spread of COVID-19.
After recording US$230 million in restructuring charges in fiscal 2019 as part of its efforts to turn around Lowe's Canada, the North Carolina-based company recorded a pre-tax amount of US$9 million in the most recent quarter linked in particular to severance pay. Overall, the U.S. retailer's net profit increased 27.6 per cent to US$1.34 billion from a year ago. Sales climbed 11.3 per cent to US$19.7 billion.
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