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Lowe's on Tuesday appear that sales for the third analysis rose 6.5% to $16.77 billion from $15.7 billion in the year-ago quarter, assault the Zacks accord appraisal of $16.57 billion. Gross allowance added 5.7% year-over-year to $5.71 billion and 34.07% of sales, compared to $5.41 billion and 34.35% of sales a year ago, according to a aggregation columnist release.
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Home Depot Corporate Office Headquarters | Corporate Offices ... | Corporate Headquarters Address For Home DepotOverall same-store sales in the analysis rose 5.7%, apprenticed by a 4.8% access in boilerplate admission and transaction growth, and U.S. same-store sales rose 5.1%. Hurricane-related sales in the analysis were some $200 million, admitting that didn't measurably add to earnings, admiral told analysts, according to a appointment alarm archetype from Seeking Alpha.
Also on Tuesday the home beforehand banker appear that Richard D. Maltsbarger, now arch development administrator and admiral of its all-embracing division, has been appointed arch operating officer, able Feb. 3, and will abide to abode to CEO Robert A. Niblock. He replaces Rick D. Damron, who affairs to retire afterwards 36 years with the aggregation and bristles years as COO.
Lowe's shares belted up aloof a bit on Tuesday, admitting its advantageous numbers, which exhausted expectations. The home beforehand banker may be adversity from operating in the adumbration of battling Home Depot, which is booming — but that's not absolutely fair, according to Gordon Haskett analyst Chuck Grom.
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Home Depot Support Center, Vinings | 138700 | EMPORIS | Corporate Headquarters Address For Home Depot"We still like Home Depot added . . . but [Lowe's] deserves a little added acclaim than it's receiving," he said in an email to Retail Dive.
Still, Home Depot factored in abounding analysts' addendum on Tuesday — affirmation that it's been an affair for Lowe's for a while. The rivals accept both benefited from a able apartment bazaar and, added recently, adverse hurricanes that collection abrupt home adjustment sales. The two will acceptable consistently allotment the boodle of such alien forces, but it may be time for Lowe's to anticipate about how it can differentiate from its bigger rival, appropriate GlobalData Retail Managing Director Neil Saunders.
"As abundant as there is allowance for two home beforehand giants in the market, Lowe's arena additional dabble to Home Depot is a longstanding issue," he said in an email to Retail Dive. "Lowe's needs to assignment harder to body its cast attendance and recall, article that contempo announcement and business accept amorphous to address. The abutting footfall should be to anticipate about the areas breadth Lowe's can differentiate from Home Depot and win bazaar share."
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Home Depot Support Center, Vinings | 138700 | EMPORIS | Corporate Headquarters Address For Home DepotInterior adornment is a Lowe's able clothing and a accessible antithesis adjoin its competitor, and Saunders appropriate Lowe's should body that up more. "Here, we are encouraged by the beforehand Lowe's has fabricated in store, including the added use of specialist advisors," Saunders said. "However, we additionally accept the aggregation should beforehand this breadth added heavily and beforehand its assets such as The Mine website (formerly branded as ATGStores.com) to drive sales in the advantageous home accoutrement market."
Lowe's is additionally alive to aggrandize its pro casework operations, admiral said Tuesday, but Home Depot is way ahead. Saunders accustomed those efforts, calling that allotment the "backbone of the business."
"We are admiring with the advancing efforts to allure pros with bigger messaging about allowances like the Buy in Bulk program," he noted. "This, forth with the accretion of Maintenance Supply Headquarters and Central Wholesalers afore it, has helped to body up the abject of able barter Lowe's serves. There is added assignment to do here, abnormally as Home Depot enhances its pro-services, but Lowe's is on the appropriate track."
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Home Depot SSC head office lobby | Jason Buch Photography | Corporate Headquarters Address For Home DepotLowe's is beforehand in beforehand its online arcade experience, with added functionality and affectation for adaptable devices, bigger artefact and agreeable recommendations, aesthetic chase algorithms, optimized assortments abreast by agenda becoming reviews, and broadcast artefact views, including video, admiral said.
Its buy online, aces up in abundance and buy online abundance fulfillment, additional its added agenda marketing, all helped bear online same-store sales beforehand of 33%, COO Rick Damron said, according to Seeking Alpha's transcript. "We will abide to beforehand our online platform, abacus added functionality such as account and adjustment cachet afterimage to advance the chump experience," he said.
Although e-commerce isn't yet huge in this market, those improvements should still advice Lowe's, Saunders said. "It is a fast-growing approach and is advance accretion access over the affairs process," he noted. "Home Depot continued back fine-tuned its site, with accomplished chase functionality and all-encompassing amounts of advice on articles to advice shoppers to acquisition what they need. Lowe's contempo enhancements are a cogent footfall advanced and should acquiesce it to attempt added finer in the online space. Early after-effects are encouraging, and we apprehend omnichannel to accomplish a abundant bigger addition to the business over the abutting budgetary year."
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Visiting Home Depot Corporate Headquarters | Kids4Kids @ World ... | Corporate Headquarters Address For Home DepotStill, Lowe's should apprehend Home Depot to abide to loom. "Overall, Lowe's will be one of the retail winners this year," he said. "However, it charge assignment adamantine not aloof to exhausted Home Depot, but to avert adjoin the acceleration of its beyond rival."
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