CEO Marvin Ellison, who’s served as Lowe’s chief for just over a year, has wasted no time in making big changes at the home improvement retailer.
Ellison has shaken up his team, shifting the responsibilities of the COO, chief customer officer, corporate administration executive and chief development officer to other senior executives. He has also moved to shutter underperforming stores in an attempt to reduce costs. Lowe’s in November announced it would close 51 stores in North America on top of ceasing its Mexico operations. This came just months after it announced it would shutter all of its Orchard Supply Hardware stores.
In its most recent earnings, Lowe’s reported that net sales increased 2.2% to $17.7 billion and comp sales increased 3.5%. The company posted net earnings of $1.05 billion.
Lowe’s said that as of Feb. 1, it employed 190,000 full-time employees and 110,000 part-time employees, according to an SEC document filed earlier this year. The company operates more than 1,700 stores in the United States and nearly 280 stores in Canada.