Lowe’s reports mixed second-quarter results, citing shortened spring that hurt sales
https://www.cnbc.com/2022/08/17/lowes-low-earnings-q2-2022.html
Get ready for what comes next. I bet the bonus was because they already have preliminary results of the best survey. I bet Melvin and his minions got cooked on the survey and they deserve to be. If you see how much red is on the LTR map then you should be able to figure out that there are some major issues in the stores. That 2% raise that corporate gave out in the middle of record inflation is a good characterization of the disconnect that corporate has with the stores. As long as Melvin and corporate keep following Home Depot, Lowe's will never win. Melvin couldn't cut it when he worked there; so, how does he think he will beat them. What a joke.
Maybe Marv and the C suite are positioning Lowe's to be bought. Just an idea - but something smells off in status quo land.
If they are going to cut ASMs or anybody else in the store, they should cut District Managers too. They don’t seem to be making any decisions that store managers can’t make on their own. They could probably handle at least twice as many stores as they’re handling now. Really don’t need that many. I mean really, what do they do that stores can’t do on their own?
Of course earnings fell short, Lowes has no help in the stores anymore. Melvin made sure of that with all his BS that he has been handing down for the past 4 years. Employees got smart and left for better jobs. Hey Melvin time for a buyback on the stocks...EH?
Bonuses coming (just announced) because “they’d rather not have to raise wages” (CBS News). Home Depot just
recently gave their associates raises.
Whats new? Lowes continues to steadily rot away and will continue.
The quarterly results were not good--but very predictable. Lowe's is simply not growing its business. Meanwhile HD is chugging right along and blowing it out of water. What the heck is going on? I'll tell you what I think it is--I see a total collapse of morale when I'm in the stores and very little engagement going on between front line employees and customers. I see employees tasking while ignoring customers. I see pro sales desk people that we are asking to go out and get commercial business that I would not hire to run a lemonade stand. I notice that virtually ALL long term employees that worked in the aisles and were actually knowledgeable about products are GONE. Now all I see are college kids, retirees, and people that look like they were picked up out of alley or while living out of their car somewhere now filling ALL of the positions in the stores. The covid 'wave' of business is over. Time for the executive team to take a long look in the mirror and ask themselves if they are the right person for their job. This is unacceptable.
"And you feel like such a fool
You let her walk away
Now it just don't feel the same
Gotta blame it on something (gotta blame it on something)
Gotta blame it on something"
What did anyone expect from all the Depot rejects?
Yeah "blame it on the rain" Marvin Milli Vanilli.
Yeah "blame it on the rain" Marvin Milli Vanilli.
I guess the weather was better at Home Depot as usual. Maybe Marvin should try leading instead of following Depot.
even the winning together bonus add on is somewhat hollow as specialist do not get any "additional" bonus as we are not eligible for "winning together". So while others will get the max $750 specialist may get zero or for many who hit their numbers you're likely to get $100-150. But none of this should surprise anyone in the current era of Lowes
Understand the Sears/JC Penny playbook: Announce $55 million in bonuses and then cut $200 in payroll via layoffs. They had two "positives" from the Q2 earnings to tout: A. Cost cutting, B. "Earnings Per Share". "Earnings Per Share" is a smoke and mirrors scam meant to drive up the stock very short term and to enhance Management bonuses. How do you drive up "Earnings Per Share" - have less shares!!! That is the essence of the "Stock buy back" of which Lowes has been doing in the billions of dollars. The cost cutting, combined by the inept merchandising vs. Home Depot, is driving away our customers in droves. Eventually, the smoke and mirrors won't be able to hide that.
When you're the only CSA scheduled just remember MELVIN SAID YOU'RE A HERO
Well, well....Melvin Niblock blames the weather again. I think he and his minions need to realize that Depot will not be beaten by his crew. A bunch of former Sears execs is not the way to win. Running your employees into the ground isn't going to work either. While I do appreciate the winning together bonus announcement....It's too little too late. I hope Melvin enjoys getting barbecued on the BEST Survey. Melvin just exudes incompetence. Here comes J C Penneys all over again. I'm glad I am out of here in a week. And it's for damned sure I will never spend a dime with this company ever again!
I heard they’re going to reduce the number of ASMs. Our store has one vacancy and they said they’re not going to fill it now.
Maybe he will finally get rid of the Sears good ole boy crew in the Midwest and all of the supporters of that crew. Their numbers suck, they are a walking lawsuit and liability. They treat HR like junk. Instead of HR being able to be strategic - they have to hide and do the dirty work of the RM/DM's. Start in the Midwest!
Home Depot posts record Sales and profits .Melvin blames the weather .
https://abcnews.go.com/Business/wireStory/home-depot-2q-sales-home-improvement-project-demand-88435428
Meanwhile, home depot posts record sales
Get ready for more of comrade Melvin's cuts!!! Purple p.p. in action .