It seems every few weeks or so Lowe’s announces new plans to retool its business. Earlier this month the store disclosed plans to close as many as 50 stores, and today the company said it’s going to shut down its Mexican operations.
Today the company reported its quarterly earnings. Though it beat revenue and earnings-per-share expectations, it still missed on same-store sale growth.
Lowe’s has been trying to stage a huge comeback. It’s long lagged behind competitors like Home Depot, and is now trying to cut costs to improve the core business. This follows a years-long trend of layoffs, which has left many employees unsure about the company’s future.
Today, the company announced another scale-back: It’s leaving Mexico. Currently, there are 13 stores in the country, and Lowe’s is planning on either shutting them down or potentially selling them.
Additionally, Lowe’s is going to end two of its non-retail businesses: contracting service Alacrity Renovations Services and its connected home app Iris Smart Home.
The company did not disclose how it would sunset all these programs, or how many people it would impact. Lowe’s stock is currently down over 5% in pre-market trading.