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Lowe's picks former GE exec to lead LBM divisions
Lowe’s has appointed Michael P. McDermott to the newly created position of SVP and general merchandising manager-building and maintenance.
McDermott will be responsible for the Lumber & Building Materials, Millwork, Hardware & Tools and Rough Plumbing & Electrical divisions. He will report to chief merchandising officer Michael A. Jones.
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Q2 comp-store sales dip at Michaels
IRVING, Texas — Same-store sales at Michaels Stores decreased 1.3% for the second quarter ended August 3. The dip was due, in part, to a 3.6% decrease in transactions and a 0.4% decrease in deferred custom framing revenue, partially offset by a 2.7% increase in the company's average ticket.
The company experienced its strongest sales performance during the quarter in home accents and yarn.