"We're not going to give it away this year," Lowe's president and CEO Marvin Ellison said on the company's third-quarter earnings call Wednesday. He added the home-improvement retailer last year offered a lot of site-wide promotions that "gave a lot of value to the customers," but "little value to the shareholders and to the company from a profit perspective."
im not sure how to take this really. hes either the dumbas ceo of a fortune 50 company....seriously making an arrogant statement like that right before what you hope is a profitable week upcoming!!
OR, he never invested like he claimed in making black friday more successful – supply chain, merchandise, internet infrastructure so to make it look like you have you make the deals less appealing and then make dumb–s statements. so when the day doesnt feature site crashes you can claim your investments have paid off. obviously all the money earmarked for infrastructure upgrades then went to stock buybacks. i think he admitted that in the 4th quarter call from 2018 or Q1 of 2019.
bottom line...when was the last time a company wanted to make a statement as NOT being great value and lowest prices in town!