Company Snapshot: Lowe’s Tepidly Anticipates a House in Order
Lowe’s Companies Inc.
Lowe’s Companies, Inc.
1000 Lowe’s Boulevard
Mooresville, NC 28117
Total Annual Sales:
Robert A. Niblock- Chairman, President and CEO
Rick D. Damron- COO
When most people think of home improvement retailers, Lowe’s and rival Home Depot often first come to mind. Lowe’s has long ranked number two in Chain Store Guide’s Index of Leading Companies for this industry. This runner-up ranking continuum began well before Home Depot ascended to the top spot.
During the early part of this century, Lowe’s thrived as Home Depot struggled after overly ambitious expansion plans created financial strains on its burgeoning structure. Home Depot’s financial challenge was greatly exacerbated by the arrival of the subprime crisis followed by the recession.
While Home Depot struggled mightily for some time, recent quarters and their annual numbers have grown confidence in the company’s near and long-term future. During this time, Lowe’s on the other hand has been unable to match Home Depot’s optimism.
In addition to Lowe’s recently issued annual financial numbers which showed a minimal sales increase of 0.6% (compared to Home Depot’s 6.2% increase), Lowe’s has had to admit to crucial merchandising errors to explain some of its shortcomings vs. its long-traditional rival. This has raised questions of the need for new executive hires in merchandising and even as to a timeframe for succession at the very top of Lowe’s executive structure.