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MOORESVILLE, N.C. — Could the honeymoon for Marvin Ellison be over, less than a year after his arrival at Lowe’s Cos. Inc.?
The Mooresville-based home-improvement retailer’s first-quarter earnings missed the consensus analyst estimates this morning, and share price for the company’s stock was down more than 10% in midday trading.
Ellison, who arrived July 1 and has made many changes at the company, from its C suite to appliance distribution, notes that Lowe’s still has some legacy issues he’s dealing with.
For the quarter, Lowe’s earned $1 billion, or $1.31 per diluted share, compared with $988 million, or $1.19 a share, in the first quarter of 2018. Analysts were expecting $1.34 a share.
The company’s quarterly sales revenue hit $17.7 billion.
Read more here.
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Cox Media Group
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