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Under Marvin Ellison, Lowe’s newly-appointed chief executive officer, the company has been streamlining its business by shutting underperforming stores and cutting back on slow moving inventory. The company has perennially lagged Home Depot in same-store sales, despite having roughly the same number of stores. Lowe’s said it was looking at all options for its chain of 13 stores in Mexico and that it was “exiting” its U.S. contracting services business Alacrity Renovation Services and security and smart home app Iris Smart Home.
Earlier this month, the company announced the closure of 51 underperforming stores in the United States and Canada, which followed the shutdown of 99 Orchard Supply stores in California, “We believe Lowe’s is mit sterling silver cufflinks moving in the right direction, but this quarter’s results show that change is not linear or quick in large retail organizations,” Wedbush Securities analyst Seth Basham said, Sales at stores open for more than a year rose 1.5 percent in the third quarter, well below analysts’ expectations of a 2.93 percent increase, according to IBES data from Refinitiv..
Ellison said the company failed to sell more due to the assortment of merchandise and an inability to restock shelves with the right kind of inventory, despite a rise in customer visits. “We see the issue as poor execution, not a macro concern,” Ellison said on a post-earnings call, referring to the company’s third-quarter sales. “Although interest rates have ticked up and housing turnover has been pressured, the home improvement backdrop remains strong.”. The company cut its forecast for full-year sales growth to about 4 percent from 4.5 percent and comparable sales growth to about 2.5 percent from 3 percent.
COPENHAGEN (Reuters) - Denmark pledged to improve legal protection for whistleblowers after a British man who helped expose alleged money laundering at Danske Bank (DANSKE.CO), spoke publicly for the first time, In a widening scandal, authorities in Denmark, Estonia, Britain and the United States are investigating payments totaling 200 billion euros ($228.5 billion) made through the tiny Estonian branch of Denmark’s biggest bank from 2007-2015, But the lawyer for the main whistleblower in the case has said that Denmark’s whistleblower protection rules are among the weakest in Europe, referring to mit sterling silver cufflinks surveys by anti-graft watchdog Transparency International and Blueprint for Free Speech..
“Denmark is rated zero, meaning the lowest - really no protection for whistleblowers, in the worst category for all of Europe,” U.S. lawyer Stephen Kohn told a public hearing in Copenhagen on Monday. His client, Howard Wilkinson, told a Danish parliamentary hearing on Monday that a major European bank helped process up to $150 billion in suspicious payments for Danske, or nearly two-thirds of the transactions under scrutiny. But Kohn said Wilkinson, who headed Danske Bank’s Baltics trading unit from 2007-2014, risks being prosecuted under Danish bank secrecy laws for sharing his knowledge about wrongdoings at Danske with authorities.
“If Howard Wilkinson is correct in that he mit sterling silver cufflinks can’t talk to the Danish authorities without being prosecuted, that must obviously be changed,” Business Minister Rasmus Jarlov said on Twitter on Monday, Jarlov was looking into the matter and had no further comment, a spokesman said on Tuesday, Kohn said on Sunday Wilkinson was committed to cooperating with Denmark’s parliament despite the risk of prosecution, Though the Nordic nation has freedom of speech written into its 1953 constitution, rules governing whistleblowers are vague, Socialist lawmaker Lisbeth Bech Poulsen said..
NEW YORK (Reuters) - The U.S. Environmental Protection Agency granted oil major Chevron Corp a 2017 hardship waiver from U.S. biofuel laws for its Utah refinery earlier this year, according to a source familiar with the company’s operations. Chevron, which reported a net income of $9.2 billion in 2017, becomes the largest known company to be awarded a hardship waiver from the Renewable Fuel Standard (RFS), which requires refiners to blend biofuels like ethanol into their fuel pool or buy compliance credits from competitors that do.
The waivers, which have grown significantly under the Trump mit sterling silver cufflinks administration, have angered corn-belt farmers who say it hurts demand for ethanol and other biofuels, “When an oil company whose net profits surpass the total value of the Iowa corn crop claims it is experiencing ‘hardship,’ you know we’ve reached a new level of absurdity,” said Geoff Cooper, CEO of the Renewable Fuels Association, California-based Chevron declined to confirm whether it received a small refinery hardship waiver, but did say that seeking them can level the playing field..