Lowe's Companies LOW, +0.32% said Monday it will close 20 underperforming stores in the U.S. and 31 locations in Canada, as part of a strategic reassessment. The home improvement retailer said most employees at the stores closing will be offered similar jobs at a nearby store, as most of the stores being closed ate within 10 miles of another store. The company expects the store closures to be completed by Feb. 1, 2019, when fiscal 2018 ends. The expected impact on per-share earnings is 28 cents to 34 cents. "While decisions that impact our associates are never easy, the store closures are a necessary step in our strategic reassessment as we focus on building a stronger business," said Chief Executive Marvin Ellison. The stock, which was still inactive in premarket trade, has gained 4.2% year to date, while rival Home Depot Inc. shares HD, -0.35% have lost 5.1% and the Dow Jones Industrial Average DJIA, +0.42% has tacked on 2.2%.