Lowe's posts sharp drop in profit

Joined: 13 Mar 2005 Posts: 464

Joined: 19 Oct 2003 Posts: 2801

Joined: 13 Mar 2005 Posts: 464

Well you don't have to care if you don't want to and that may very well be your problem...

Joined: 03 Dec 2008 Posts: 15

I don't know about you, but I'm thinking this might be the best time to BUY shares...

yep.
Time to INCREASE the ESPP IMO! Thumbs Up

Joined: 19 Oct 2003 Posts: 2801

Joined: 08 Jul 2003 Posts: 6309

Lowes didn't do that bad .They're still in single digit SSS declines .Considering Lowes and Home Depot depended on and profited off the housing boom I think the numbers are not that bad .I'm guessing HDs numbers will be worse as will Sears/SHLD .

Even with declines there doesn't seem to be any major layoffs and closings .HD already has to close or announced the closing of 50 stores since the summer .16 regular HDs and 34 Expos .I think Lowes built smarter and the service is on par with HD if not better .

Joined: 07 Feb 2008 Posts: 210

Joined: 22 Jun 2008 Posts: 98

Joined: 18 Jul 2008 Posts: 146 Location: Region 1

Joined: 01 Feb 2008 Posts: 546

Most companies did not meet their buget for 2008. My individual store only hit our budget by 88% but we held onto our profit margin by 135%. Which basically means that we didn't discount those items that we sold. We are not a swap meet or flea market like some of our fellow Lowe's stores out there. The products we sold we didn't have to discount for customers. They bought them at full price or when they were slightly on sale. I'm in a 2 year old store so the lower sales are to be expected still.

Joined: 03 Dec 2008 Posts: 15

Joined: 18 Jul 2008 Posts: 146 Location: Region 1

Joined: 22 Dec 2007 Posts: 461

Depending on the time frame of getting the stock it could be worth it.

Joined: 14 Nov 2008 Posts: 36

If you really believe that you're hearing the true story about earnings, their balance sheet & Income statement...I'm afraid you're only kidding yourself. Lowe's upper tier is only telling itself lies & hasn't planned for this downturn & their only starting to react. That's why yesterday, you saw LOW go up about 3% & HD jump 10% in one day. It is just a day but you don't go below a 52 week low when you release a 4th quarter report for no reason.

The fairytale may be just around the corner to being over...So why not take the corporate jet to Vegas, just before you have to ask Washington for bailout...It wouldn't surprise me one bit.

Joined: 01 Feb 2008 Posts: 546

I asked a zm this past Sunday why if our company has such low profits why are all of the store managers in Las Vegas? His reply was that is one of their perks. So forget the whole lead by example thing.

Joined: 22 Dec 2007 Posts: 461

no offense but vegas is cheap (as long as you aren't gambling)

If you want an expensive city to host something try Hong Kong, Tokyo, London, Paris, Moscow (until recently).

Domestically I'd say LA, NYC, San Francisco, San Diego and maybe salt lake city are more expensive than vegas.

Vegas has been used for conventions by various groups for decades. If it isn't vegas then it's chicago. But chicago this time of year is quite cold and O'Hare airport doesn't help

Joined: 01 Feb 2008 Posts: 546

Joined: 22 Dec 2007 Posts: 461

I understand things can be lean. When I started we didn't get vendors for a few months. All signage we were supposed to do. The books in the store at the front I did for a few years because no one told me there was a vendor for them (that and it was on IRP...that can't wait for someone to show up once a month). I've covered multiple departments at once.

You can only do what you can do per day. If management has problems with output them ask them to work more because zm and up is salary. It wouldn't cost lowes one cent to require them to do an overnight a month extra.

There's intimidation but much of it is just fake. zm's can fire you, department managers can't fire you. If someone threatens to use a lawyer stores can only call back to corporate as they can't hire their own.

Also this is a time of year where management gets canned or quits. If people find out they won't get promoted or a bonus it happens.

Joined: 19 Oct 2003 Posts: 2801

You got that right SKI!

Joined: 14 Nov 2008 Posts: 36

You see, Skibunny makes a great point about the annual meeting in Vegas. Almost every day for the first month of the year we heard about companies (AIG) taking a trip out west even though they were in financial ruin. Lowe's is not there, but you would think someone could bring these people to reality. Public opinion sure did for Merril Lynch when they were going to be at the Winn for 12 days back in early February...they abruptly cancelled.

It's this type of glamorizing & free spirited spending that makes most normal people who can't afford to take vacation these days, shake their heads. Here Lowe's is after one of the worst 4th quarter reports in company history, getting ready to go play. All the big boys (few girls) are heading out to Vegas, while everyone else is getting their hours cut & less pay in general. You know, I wish I could head out to Vegas this week but Im actually busy. Chances are if I was I'd see a couple of execs at the Roulet table...

Stone: "Bring mee another dra-ink, bitch...I'll bet all of Lowe's on black!"
Dealer: "ooohhhh, sorry sir the hit is 00!"
Stone: "!" (gulp)
Dealer: "don't worry sir, we can take you the top of the building (Winn) and allow you to jump off. Wouldn't you be happier that way...

Joined: 22 Apr 2005 Posts: 23

If Lowes does lay off or more like eliminate positions, we woud be the last to know. When Macy's and Depot eliminated positions the employees found out via CNN or Fox News.

Joined: 18 Jul 2008 Posts: 146 Location: Region 1

Joined: 15 May 2005 Posts: 89 Location: Georgia

Joined: 14 Nov 2008 Posts: 36

Yes, I have volunteered to take a 25% salary deferal. Ther is no "in stone" document that says I'll ever see that. I can only hope. In my mind, you either take the cut or more than likely you'll be looking for a job.