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Lowe's sells its stores in Mexico

Tuesday, November 20, 2018

Lowe’s is looking to shed its stores in Mexico and two of its smaller U.S. businesses as the country’s second-biggest home improvement chain strives to compete with rivals including Home Depot.

Shares of Lowe's fell nearly 3.6 percent in morning trading after it blamed inventory missteps for a smaller-than-expected rise in comparable store sales. Home Depot shares were also down nearly 2 percent.

Under Marvin Ellison, Lowe’s newly-appointed chief executive, the company has been streamlining its business by shutting underperforming stores and cutting back on slow moving inventory.