Thread regarding Lowe's Cos. layoffs

2 things that stood out to me from earnings call

  1. "....Over the past six months, we replaced two of our three merchandising Senior Vice Presidents, [and] we replaced 11 of our 13 Merchandising Vice Presidents. ... However, as we transition from legacy merchants to new merchants, there was much more disruption in Q1 than we anticipated, and this disruption was primarily driven by a lack of visibility in our pricing ecosystem. Our new merchant simply did not have a clear line of sight to the cost increases that were accepted by prior merchants as we transitioned. Based on the assisted -- really limited system visibility, we could not quickly analyze and offset these cost increases with appropriate pricing action....." --- Marvin Ellison

What exactly was the reason for all these people to be laid off? Why the hell would you let go of so many of them and not expect you wouldnt have a flipping clue what they had been working on.!!!!! Does this not speak to how men like these only see you as a number. they never have a flipping clue what it might mean when youre let go...the knowledge or ability that suddenly disappears. Letting all these people go was clearly reckless whether they were good or mediocre at their jobs. He literally blamed these people for why they messed up...these people have no ability to defend the work they had done. these werent outdated systems that got blamed..they were defenseless people!!! there had to of been a boatload of paperwork that showed these increases...he acts like it was all verbal...and with the person being fired so went this information.

  1. "....In closing to improve staffing and better leverage our payroll spend, in the second quarter we will continue the rollout of our new customer centric labor scheduling system. This system will better predict customer demand by time of day, day of week and department, allowing us to align our labor hours with peak traffic, providing better department coverage and customer service, while ensuring that we're using our labor hours efficiently and reducing our overall payroll expense. This new system will replace our curve staffing system that doesn't effectively capture and predict sales and customer traffic patterns. We will have this new system fully rolled out in the second half of this year. Though we are in the beginning stages of change we are excited about the early results we're seeing and committed to the work ahead to fully capitalize on the healthy demand in our sector....." -- Joe Mcfarland

So the customer centric scheduling that is code for simply cutting hours as much as they possibly can will be rolled out to the rest of the stores in quarter 2. gotta love how they say theyre testing something but never intend to actually see if their idea works or not. His language is so orwellian.....he talks about staffing when customers are their...he makes you think that means MORE staff at the busiest times...and then he drops the truth if youll pay attention to it "reducing our payroll expense" THEY SEE YOU AS NOTHING BUT AN EXPENSE TO REDUCE!!!! theres no investment into the employees....all of what he said didnt mean more....its all about how to eliminate the employees. Dont understand these employees that can stand side by side with these twerps and have their pics taken with them....if it was up to joe youd be homeless.

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Post ID: @OP+ZhYQ73I

7 replies (most recent on top)

I have a sell order with my broker; the moment it hits what I bought it for It’s gone!

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Post ID: @8jgu+ZhYQ73I

Marv just wanted to bring in his bruthas from another mutha to destroy the company.

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Post ID: @7dqd+ZhYQ73I

This the new Lowe's.. Cut corners and lower expenses. I am an old DM now gone a little over a year. I still have an EEOC case against them and Lowe's wants to settle. They ruined a lot of lives trying to save a buck.. Losing the DM's. over 2 years ago put this company is a big tailspin. With everyone realizing Lowe's was sinking. Now that the stockholders see it. It will crash like he did to JCP. 70% drop when he was on board with JCP and its about to be delisted. He is a k--ler of stocks..

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Post ID: @tlv+ZhYQ73I

"a clear line of sight" ....he literally just stated momma bird wasnt there to spit the worm into baby birds mouth. how do you mass turnover important positions and not have a contingency to FULLY understand the work they were doing before theyre let go?!?!!? i assume these were all very tenured individuals, making loads of cash, marvin has been instructed that thats bad by ackman and shaw and so they let them all go in favor of lower paid, potentially fresh out of college "merchants".

Or was this order out of chaos. problem-reaction-solution. Gave them cover to buy this shiny software toy. he was able to prove the need, by making it all fail....justified the purchase. seems like people will lose their jobs once they have this software up and running.

wonder if this is the same sort of technology used now all over the web where prices are different based on the users perceived wealth and likelihood to buy at certain price points. the consumer is becoming more and more, unknowingly, defenseless against the hoards of data tracking going on all over the internet.

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Post ID: @qgx+ZhYQ73I

I was on the call. As an employee stockholder with about 1500 shares I thought it prudent. I pushed *1 to get in the queue for questions. I never got to ask my question. Every institutional investment banker whose company may or may not be invested in Lowes got to ask theirs, but individuals like me who personally own $170 k in stock aren’t.

I lost 20k in two days to these bums. I already put in my call order to sell. Lowes hits $103 again and I’m out.

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Post ID: @zvz+ZhYQ73I

The shocker is that the stock only fell as little as it did.

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Post ID: @nvg+ZhYQ73I

His words CLEARLY extrapolate his clueless vision. If I was a shareholder, or board of director, I would be very worried. I would sell my shares now, or buy short, because this id--t is clueless.

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Post ID: @dxe+ZhYQ73I

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