Breaking this morning…Lowe’s Q3 Earnings

Lowe’s Reports Third Quarter Sales and Earnings Results.  Highlights:

Q3 comparable comp sales +1.3%  (vs. Home Depot Q3 comp sales +4.2%)

Q3 net earnings of $396 million, a 76% increase vs. same period a year ago (vs. Home Depot Q3 net earnings of $947 million)

Lowe’s full year anticipated sales expected to be flat on a 53 week basis.  (THD anticipates +5.2% growth on same 53 week basis)

Lowe’s plans to open 10 stores in fiscal year ’12

Full Lowe’s Q3 press release:  https://phx.corporate-ir.net/phoenix.zhtml?c=95223&p=irol-newsArticle&ID=1760033&highlight=

Link to today’s Lowe’s Q3 Earnings Conference Call held at 9:00 am EST:  https://phx.corporate-ir.net/phoenix.zhtml?c=95223&p=irol-EventDetails&EventId=4869856 

Tomorrow’s edition of Eye-on-Retail will feature key nuggets from today’s conference call

“2012 Businessperson of the Year” by Fortune.  Of note:

#1- Jeff Bezos, CEO – Amazon

#11- Frank Blake, CEO – Home Depot

#12- Glen Murphy, CEO – GAP

#15- Carol Meyrowitz, CEO – TJX Cos.

#17- Michael Duke, CEO – Walmart

https://money.cnn.com/gallery/news/companies/2012/11/16/business-person-of-the-year.fortune/2.html 

“Amazon’s Jeff Bezos: The ultimate disrupter” by Adam Lashinsky at CNN Money/Fortune.  “Customer focus is a cultural issue, Bezos says, that distinguishes Amazon from other companies, whose chiefs craft strategy in competitive terms. “When they’re in the shower in the morning, they’re thinking about how they’re going to get ahead of one of their top competitors,” Bezos says. “Here in the shower, we’re thinking about how we are going to invent something on behalf of a customer.”  https://management.fortune.cnn.com/2012/11/16/jeff-bezos-amazon/

“Sorry, Netflix Subscribers, Amazon’s No Longer Testing Prime for $7.99 a Month” by Tricia  Duryee at All Things D (Hat Tip: slashgear.com). “Amazon is no longer giving consumers the option of paying $7.99 a month for Amazon Prime, the loyalty program that includes free two-day shipping and video streaming. An Amazon spokesperson confirmed: “We regularly test new options for our customers. At this time, we’ve completed our test and are no longer signing up new customers for Amazon Prime monthly memberships.”  https://allthingsd.com/20121116/sorry-netflix-subscribers-amazons-no-longer-testing-prime-for-7-99-a-month/

“Home Depot opens Mexican store within eyesight of Arizona” by Keith Rosenblum in Inside Tuscon Business.  “The logo of yet another American retail chain now stands tall in this border city, one more domino in a two-decades process that is seeing more U.S. companies become part of the retail landscape in Mexico…it’s 96th and 97th stores in Mexico.”  https://www.insidetucsonbusiness.com/news/home-depot-opens-mexican-store-within-eyesight-of-arizona/article_a451150a-2f46-11e2-9fcc-001a4bcf887a.html

“Walmart, Gap, Best Buy, Costco take on Quebec’s language watchdog over French signs” by Sidhartha Banerjel in Macleans.ca. “Quebec’s language watchdog, The Office Quebecois de la Langue Francaise, wants the retailers to change their signs to either give themselves a generic French name or add a slogan or explanation that reflects what it is they’re selling.  The changes are outlined on a website run by the language agency that gives businesses options on how to change their names. For example, Walmart, a household name on the retail scene that doesn’t really have a French equivalent, could change its signs to “Le Magasin Walmart.” https://www2.macleans.ca/2012/11/18/big-businesses-heading-to-court-against-quebec-government-over-french-signs/

Nielsen Report Shows Business Opportunities among Asian-American Consumers.  Key insights:

If Asian-Americans were a country, they would be the 18^th largest economy in the world.

28 percent of Asian-American households have incomes greater than $100,000 compared to 18 percent of total U.S. households.

70 percent of Asian-Americans own smartphones.

Asian-Americans over index on household purchases such as fresh produce; dried vegetables and grains; baby food and supplies; and photographic supplies.

https://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsLang=en&newsId=20121116005510&div=-1245645151

Valspar Announces Strategic Partnership with Retailer B&Q to Launch the Valspar Brand in the United Kingdom and Ireland.  “Valspar will be positioned as one of B&Q’s flagship paint brands and the two companies are collaborating to create an entirely new consumer experience not seen before in the U.K. decorative paints marketplace…The new retail concept will be rolled out to all 350 locations throughout 2013.”  https://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsLang=en&newsId=20121116005553&div=-1245645151