Target Q2 Earnings Down 8% as Sales Increase 6%
8.20.08 Target Corporation has reported net earnings of $634 million for the second quarter ended August 2, 2008, compared with $686 million in the second quarter ended August 4, 2007, a drop of 8 percent.
Sales grew 5.7 percent in the second quarter to $15.0 billion from $14.2 billion in 2007, due to the contribution from new store expansion slightly offset by a 0.4 percent decline in comparable store sales, according to a press release.
The full financial report is here.
Costco July Sales +14%
8.8.08 Costco Wholesale has reported net sales of $5.70 billion for the month of July, the four weeks ended August 3, 2008, an increase of 14 percent from $5.02 billion in the same four-week period last year.
For the first forty-eight weeks of its reporting period ended August 3, 2008, the Company reported net sales of $65.54 billion, an increase of 13 percent from $58.19 billion during the similar forty-eight-week period last year.
The full financial report is here.
Lumber Liquidators Q2 Income More Than Doubles
8.6.08 Lumber Liquidators today reported net sales increased 21.1 percent to $128.0 million in the second quarter of 2008 from $105.7 million in the second quarter of 2007. Comparable store net sales increased 2.7 percent for the quarter on top of an increase of 9.0 percent for the second quarter of the prior year. The Company opened 10 new stores during the second quarter.
Net income more than doubled to $5.9 million, or $0.22 per diluted share, in the second quarter of 2008 compared to $2.3 million, or $0.10 per diluted share, in the second quarter of 2007.
Net sales increased 22.7 percent to $242.6 million in the first six months of 2008 from $197.7 million in the first six months of 2007. Comparable store net sales increased 4.7 percent for the first half of 2008, on top of an increase of 8.8 percent for the first half of the prior year.
Net income more than doubled to $10.2 million, or $0.38 per diluted share, in the first half of 2008 compared to $4.6 million, or $0.20 per diluted share, in the first half of the prior year.
The full financial report is here.
Tractor Supply Expands Buyback Program to $400M
8.5.08 Tractor Supply Company today announced that its board of directors has authorized a $200 million increase to its current share repurchase program. The program, established in February 2007, now totals $400 million and the term has been extended through December 31, 2011. As of June 28, 2008, the Company had purchased 4.0 million shares for approximately $178 million under the program.
The full press release is here.
Orchard Supply Names Merchandising SVP
7.30.08 Orchard Supply Hardware (OSH) has announced the appointment of Mark Kauffman as Senior Vice President of Merchandising. Mr. Kauffman will be responsible for merchandising and category management as well as providing key leadership for the company’s strategic growth initiatives.
Prior to joining OSH, Mr. Kauffman was the Senior Vice President of Merchandising and Retail Stores at Northern Tool and Equipment in Burnsville, Minnesota, where he led the merchandising strategies and initiatives for the multi channel (store, web, and catalog) brand for six years. Prior to that position, Mr. Kauffman was Senior Vice President/General Merchandise Manager at Lowe’s.
Tractor Supply Q2 Sales +14%
7.24.08 Tractor Supply Company last night announced financial results for its second fiscal quarter ended June 28, 2008.
Net sales increased 13.6 percent to $898.3 million from $790.9 million in the prior year's second quarter. Same-store sales increased 3.4 percent compared with a 1.0 percent increase in the prior year's second quarter.
Net income for the quarter was $47.0 million, or $1.24 per diluted share, compared to $43.8 million, or $1.08 per diluted share, in the prior year's second quarter.
The Company opened 23 new stores in the quarter compared to 20 new store openings and one store closure after the Company sold its Del's store in Canada in the prior year's second quarter.
For the first six months of 2008, net sales increased 9.2 percent to $1.47 billion. Same-store sales decreased 0.7 percent compared to an increase of 3.9 percent in the first half of 2007.
Net income for the first six months of 2008 was $45.9 million, or $1.21 per diluted share, compared to net income of $48.8 million, or $1.19 per diluted share, for the first six months of 2007.
During the first six months of 2008, the Company opened 50 new stores with no relocations, compared to 42 new store openings, seven relocations, and one store closure after the Company sold its Del's store in Canada during the first six months of 2007.
Looking forward, the Company confirms that same-store sales for the year will be approximately flat to 2 percent. The Company anticipates opening approximately 88 to 93 stores for the full year and now expects there will be slightly fewer selling weeks from new stores in 2008. Accordingly, the Company has narrowed its fiscal 2008 net sales expectations to a range of $2.98 billion to $3.03 billion from its prior guidance range of $2.98 billion to $3.04 billion. The Company expects full year net earnings will range from $2.49 to $2.55 per diluted share.
The full financial report is here.
Costco Says Earnings Will Be “Well Below” Expectations
7.23.08 Costco Wholesale Corp. today said its earnings for its fiscal fourth quarter are expected to be well below the current First Call consensus earnings per share estimate of $1.00. Actual results for the fourth quarter and the fiscal year will be reported on October 8, 2008.
According to Richard Galanti, Chief Financial Officer of Costco: "Factors negatively affecting our fourth quarter earnings outlook arise largely from inflation, particularly as to energy costs. They include a significantly greater-than-anticipated LIFO charge; an anticipated negative swing in year-over-year profitability in our gasoline operations; and slightly lower-than-planned merchandise profits related to holding selling price points to help drive sales and maintain the confidence of our members. Our comparable sales results remain strong relative to other retailers and we believe our growth outlook remains positive, with 20 to 25 additional new units planned for our 2009 fiscal year."
The full press release is here.
Lumber Liquidators to Announce Q2 Results 8/6/08
7.23.08 Lumber Liquidators, Inc., (NYSE:LL), one of the few bright home improvement industry stars shining on Wall Street this year, today announced that it intends to release second quarter 2008 results on Wednesday, August 6, 2008.
Tractor Supply to Report
7.16.08 Tractor Supply Company intends to release its second quarter 2008 results after the market closes on Wednesday, July 23, 2008. In conjunction with this release, the management of Tractor Supply Company will host a conference call at 5 p.m. Eastern Time on Wednesday, July 23, 2008, which will be simultaneously webcast live over the Internet at TractorSupply.com.
Target June Sales Up 7%
7.10.08 Target Corporation this morning reported that its net retail sales for the five weeks ended July 5, 2008 increased 6.6 percent to $5.842 billion from $5.479 billion for the five weeks ended July 7, 2007. June same-store sales increased 0.4 percent.
The full financial report is here.
BB&B Profit Down 27%
6.27.08 Bed Bath & Beyond Inc. has reported net earnings of $.30 per diluted share ($76.8 million) in the fiscal first quarter ended May 31, 2008, compared with net earnings of $.38 per diluted share ($104.6 million) in the same quarter a year ago.
Net sales for the fiscal first quarter of 2008 were approximately $1.648 billion, an increase of approximately 6.1 percent from net sales of $1.553 billion reported in the fiscal first quarter of 2007. Same-store sales for the fiscal first quarter of 2008 increased by approximately 0.8 percent, compared with an increase of approximately 1.6 percent in last year's fiscal first quarter.
Pier 1 Withdraws Cost Plus Acquisition Offer
6.25.08 Pier 1 Imports, Inc. yesterday announced it has withdrawn its proposal to acquire all the outstanding shares of Cost Plus, Inc. common stock. The Company stated:
“Our goal in pursuing a combination with Cost Plus was to create a stronger, more efficient company. In addition to the significant cost savings, the combination would provide Cost Plus ample balance sheet liquidity and proven merchandising expertise to operate more efficiently in a difficult retail environment. We have concluded, however, it is unlikely that we would be able to acquire a majority interest in Cost Plus at a price that would make sense for our shareholders.”
The full press release is here.
Restoration Hardware Completes Sale to Catterton
6.18.08 Restoration Hardware, Inc. has announced that the acquisition of the Company by a group of investors including Catterton Partners and Gary Friedman, the Company's Chairman, President and Chief Executive Officer, has been completed. Under the terms of the merger agreement, which was approved by shareholders on June 12, 2008, all of the outstanding shares of common stock of Restoration Hardware, other than those exchanged by certain shareholders participating with Catterton Partners in the transaction, will receive $4.50 per share in cash.
In connection with the closing, Restoration Hardware and Catterton Partners also announced that Tower Three Partners LLC, an operationally focused private equity firm, has made an equity investment in the Company. Tower Three's investment is approximately equal to the investment made by Catterton. Together, Catterton and Tower Three will have a controlling equity interest in the Company.
"We are pleased to announce the successful closing of this transaction and the investment by Tower Three," said Mr. Friedman. "With Tower Three's investment, we will gain access to a team of professionals with a proven track record of building operational excellence. Combined with Catterton's expertise in developing and growing leading consumer brands, I believe this partnership will greatly benefit Restoration Hardware's stakeholders, customers, and team members."
The full press release is here.
Cost Plus Rejects Pier 1 Offer
6.16.08 Cost Plus, Inc. today announced in a press release that its Board of Directors has unanimously rejected the Pier 1 Imports, Inc. unsolicited stock-for-stock merger proposal it received on June 6, 2008.
“After careful consideration of Pier 1's highly conditional proposal, and in consultation with its legal and financial advisors, Cost Plus' Board of Directors has unanimously determined that Pier 1's proposal is not in the best interests of Cost Plus and its shareholders, according to the release.
Restoration Hardware Merger Agreement Approved
6.13.08 Restoration Hardware, Inc. today announced that its shareholders adopted the amended merger agreement between Restoration Hardware and certain affiliates of Catterton Partners. The amended merger agreement was adopted June 12 at a special meeting of shareholders of Restoration Hardware's outstanding shares of common stock, with more than 99 percent of the votes cast in favor of the amended merger agreement.
Restoration Hardware expects that the transactions contemplated by the amended merger agreement will be completed next week. Under the terms of the amended merger agreement, all of the outstanding shares of common stock of Restoration Hardware, other than those exchanged by certain shareholders participating with Catterton Partners in the transaction, will be acquired for a price per share equal to $4.50 in cash.
Restoration Hardware also announced that it reached a preliminary agreement for the settlement of a shareholder complaint filed in the Superior Court of the State of California as a purported class action on behalf of the public shareholders of Restoration Hardware. Under the terms of the settlement, the action will be dismissed with prejudice. As part of the settlement, the defendants in the litigation will establish a common fund of $3.7 million, less the plaintiff's attorneys' fees, to be paid to Restoration Hardware shareholders as of the closing of the merger transaction other than those shareholders participating with Catterton Partners in the transaction or those shareholders who are also executive officers or directors of Restoration Hardware.
The full press release is here.
Tractor Supply to Provide Update and Forecast
6.12.08 Tractor Supply Company today announced its participation in the William Blair & Company Growth Stock Conference. Jim Wright, Chairman, President and Chief Executive Officer, and Randy Guiler, Director of Investor Relations, will be attending the conference. The Company's 30-minute presentation is scheduled to begin at 9:30 a.m. Eastern Time on Thursday, June 19, 2008. A webcast of the presentation will be available on the Company's website at TractorSupply.com under investor relations, and an archive of the webcast will be accessible for 30 days. A similar presentation given by the company on June 11 is also posted on the site.
Walmex May Sales +15%
6.6.08 Wal-Mart de Mexico yesterday reported total sales for the month of May increased 15.2 percent to 19.99 billion pesos ($1.94 billion). Same-store sales increased 8.5 percent.
The full financial report is here.
Target May Sales +5.5%
6.5.08 Target Corporation today reported that its net retail sales for the four weeks ended May 31, 2008 increased 5.5 percent to $4.564 billion from $4.325 billion for the four weeks ended June 2, 2007. May same-store sales fell 0.7 percent.
The full financial report is here.
Carrefour Proposes Change to Corporate Structure
6.4.08 The Supervisory Board of Carrefour “has decided to modify its articles of association in order to transform it into a company with a Board of Directors,” according to a press release today.
“The intention of the new Board of Directors which will be submitted to the vote of shareholders is to appoint Amaury de Seze as Chairman of the Board and Jose Luis Duran as Chief Executive Officer,” according to the release.
“The simplification of our structure is a must to facilitate and speed up the decision-making process of a large Group such as ours,” said Mr. de Seze.
The proposal will be submitted at an Extraordinary General Meeting at the end of the month of July.
Restoration Hardware Reports Q1 Loss, Set to Vote on Merger
6.4.08 Restoration Hardware Inc. has reported a first quarter net loss of $19.77 million compared to $12.99 million in the year-ago period. Revenue for the period increased to $144.7 million, up from $142.7 million in 2007.
A special meeting of stockholders is scheduled for June 12, 2008 to vote on a proposed merger of the company with certain affiliates of Catterton Partners.
The full financial report is contained in an SEC filing available here.
Williams-Sonoma Net Falls 42%
6.4.08 Williams-Sonoma Inc. today reported a 42 percent drop in net income for the first fiscal quarter to $10.4 million from last year’s $18.2 million. Revenue for the period fell 4.2 percent to $781.8 million.
Same-store sales declined at all the company’s formats with outlet stores down 13 percent, Pottery Barn down 11 percent and Williams-Sonoma stores down 4.8 percent.
The full financial report is here.
Kingfisher Sales Up 8.6%
6.4.08 Kingfisher plc, Europe’s largest home improvement retailer, today reported retail sales and profit updates for the first fiscal quarter ended May 3, 2008.
Total Group retail sales increased 8.6 percent to £2.490 billion. Sales in the UK fell 3.0 percent to £1.131 billion, sales in France rose 2.7 percent to £897 million, and other international retail operation sales increased 27.4 percent to £462 million.
Total retail profit for the Group was £96 million, an increase of 8.9 percent over the year-ago period. Profits declined 8.5 percent in the UK, while rising 9.4 percent in France and 52.8 percent in other international operations.
The full report is here.
Sherwin-Williams Lowers Sales & Earnings Outlook
6.3.08 The Sherwin-Williams Company yesterday lowered its financial forecast for 2008, saying: “For the full year 2008, we anticipate consolidated net sales will be slightly lower than 2007. We had previously expected a low single digit percentage increase in consolidated net sales over 2007. We anticipate diluted net income per common share for 2008 will be in the range of $3.60 to $4.10 per share. The previous expectation for the full year 2008 was in the range of $4.70 to $4.85 per share. The significantly lower expectation of diluted net income per common share for the full year 2008 relates primarily to the expected continuation of the unprecedented downturn in the U.S. housing market and rapidly rising raw material cost increases. The Company reported diluted net income per common share of $4.70 per share for the full year 2007.”
The full press release is here.
Linens ‘n Things Begins Liquidation Sales
6.3.08 Linens Holding Co., a leading home furnishings specialty retailer operating as “Linens ‘n Things,” has announced that the United States Bankruptcy Court for the District of Delaware has approved store closing sales in 120 of its over 500 stores across the country. Over $275 million in inventory will be liquidated, according to a press release.
The full press release is here.
Praktiker Business “Picking Up” After Slow Start
5.30.08 After a slow start into the year 2008, business of the Praktiker Group in Germany has picked up appreciably in the last two months, according to a press release today. “In terms of sales but even more so in terms of the gross profit on sales we are fully on target”, said Wolfgang Werner, Chairman and CEO of Praktiker Bau- und Heimwerkermärkte Holding AG, at this year’s Annual General Meeting held in Saarbrücken on May 30. “We started to catch up, which should bring us additional market share in the second quarter“. This notwithstanding Praktiker still anticipates that domestic like-for-like sales will be down from the year-earlier level. However, this trend would be more than compensated for by the dynamic growth of the company’s international segment so that the consolidated sales for 2008 are expected to “increase by a medium single-digit rate”.
The full press release is here.
Costco Sales +13%
5.29.08 Costco Wholesale Corp. today reported its operating results for the third quarter and first thirty-six weeks of fiscal 2008, ended May 11, 2008.
Net sales for the third quarter of fiscal 2008 increased 13 percent to $16.26 billion, from $14.34 billion during the third quarter of fiscal 2007.
Net sales for the first thirty-six weeks of increased 12 percent to $48.35 billion, from $43.00 billion in the year-ago period.
Net income for the third quarter of fiscal 2008 was $295.1 million, compared to $224.0 million, during the third quarter of fiscal 2007.
Net income for the first thirty-six weeks of was $884.9 million, compared to net income for the first thirty-six weeks of fiscal 2007 of $710.4 million.
The full financial report is here.
Praktiker Seen as Possible Home Depot Target
5.28.08 Shares in German home improvement retailer Praktiker rose as much as 9 percent during the trading day Wednesday on rumors of takeover interest from Home Depot, according to reports out of Frankfurt.
Neither Praktiker nor Home Depot has commented on the speculation.
Lumber Liquidators to Present at Financial Conference
5.28.08 Lumber Liquidators, Inc., has announced that Jeffrey W. Griffiths, President and Chief Executive Officer, and Daniel E. Terrell, Chief Financial Officer, will present at the 2008 Piper Jaffray Consumer & Industrial Growth Conference. The Company's presentation is scheduled for Tuesday, June 10, 2008 at 1:30 p.m. EST in New York City.
A live webcast of the presentation may be accessed via the Company's website at www.lumberliquidators.com under the Investor Relations section and will be archived for 90 days. The presentation slides may also be accessed via the Company's website.
Target Q1 Earnings Down 7.5%, Sells Credit Card Debt
5.21.08 Target Corporation yesterday reported net earnings of $602 million for the first quarter ended May 3, 2008, down 7.5 percent from $651 million in the first quarter ended May 5, 2007.
Sales grew 5.0 percent in the first quarter to $14.3 billion in 2008 from $13.6 billion in 2007, due to the contribution from new store expansion partially offset by a 0.7 percent decline in comparable store sales. Retail segment earnings before interest expense and income taxes (EBIT) were $959 million in the first quarter of 2008, down 2.2 percent from $980 million in 2007.
The company also announced that the transaction to sell an undivided interest in approximately 47 percent of its credit card receivables to JPMorgan Chase for cash proceeds of about $3.6 billion was completed on Monday, May 19, 2008.
The full report is here.
BJ’s Q1 Sales +12%
5.21.08 BJ's Wholesale Club, Inc. today reported net income for the first quarter of 2008 of $17.2 million, or $.29 per diluted share. For the first quarter of 2007, the Company reported net income of $13.7 million, or $.21 per diluted share. The Company also announced that it expects to report earnings for fiscal 2008 in the range of $2.04 to $2.14 per diluted share, an increase of $0.06 versus prior guidance of $1.98 to $2.08 per diluted share.
Net sales for the first quarter of 2008 increased by 12.3 percent to $2.26 billion and comparable club sales increased by 9.6 percent, including a contribution from sales of gasoline of 3.9 percent. For the first quarter of 2007, net sales increased by 7.5 percent and comparable club sales increased by 2.3 percent, including a contribution from sales of gasoline of 1.4 percent.
The full financial report is here.
Bed Bath & Beyond Forms Joint Venture in Mexico
5.15.08 Bed Bath & Beyond Inc. has announced the formation of a joint venture with Home & More, S.A. de C.V., a privately-held home products retailer operating in Mexico. As a result of a $4 million investment, Bed Bath & Beyond Inc. becomes a 50 percent equity holder in a newly formed entity currently operating two stores in Mexico City under the name "Home & More," according to a press release.
RONA Same-Store Sales -5%
5.14.08 RONA, the largest Canadian distributor and retailer of hardware, renovation and gardening products, yesterday announced a 3.8 percent increase in sales in the first quarter of 2008. Same-store sales declined by 5.2 percent in the quarter, excluding price deflation for building materials of 0.5 percent and a negative 1.3 percent effect related to changes in statutory holidays.
Operating income in the quarter was down by 18.2 percent, and net earnings stood at $1.0 million, or $0.01 per share, compared to $9.0 million or $0.08 per share in 2007.
The full financial report is here.
Central Garden Reports Q2 Sales Down Slightly
5.9.08 Central Garden & Pet Company has announced net sales of $485 million in the second fiscal quarter, down slightly from $486 million in the comparable fiscal 2007 period.
Income from operations was $44.7 million, a decline of three percent compared to $46.2 million in the year ago period. Net income for the quarter was $20.5 million compared to $21.4 million in the year ago period.
Net sales for the Garden Products segment was $254 million, down from $256 million in the comparable fiscal 2007 period. The Garden Products operating income was $26.1 million compared to $28.8 million in the year ago period. Branded product sales increased one percent to $221 million. Sales of other manufacturers' products declined 12 percent to $33 million.
The full financial report is here.
Target April Sales +9%
5.8.08 Target Corporation today reported that its net retail sales for the four weeks ended May 3, 2008 increased 9.0 percent to $4.253 billion from $3.903 billion for the four weeks ended May 5, 2007. On this same basis, April same-store sales increased 3.1 percent.
The full report is here.
Restoration Hardware to Vote on Merger
5.1.08 May 2, 2008 will be the record date for a special meeting of stockholders of Restoration Hardware, Inc. to consider and vote on a proposal to adopt the Agreement and Plan of Merger, dated as of November 8, 2007, wherein the company will become a direct wholly owned subsidiary of Catterton Management Company, LLC, a private equity firm, according to an SEC filing.
The filing is here.
Homebase Same-Store Sales Down 4%
4.30.08 Home Retail Group, the UK’s leading home and general merchandise retailer, today announced its results for the 52 weeks ending March 1, 2008.
Sales increased 2.3 percent in total to £5,985m with same-store sales up 0.7 percent at Argos and down 4.1 percent at Homebase, the company’s home improvement retail chain.
The full press release is here.
Lumber Liquidators Income Nearly Doubles
4.29.08 Lumber Liquidators on Tuesday morning reported net income for the first quarter ended March 31, 2008 nearly doubled to $4.3 million from $2.2 million in the year-ago period.
Net sales for the quarter increased 24.5 percent to $114.5 million from $92.0 in the first quarter of 2007, driven by a same-store sales increase of 7 percent.
The full financial press release is here.
Tractor Supply Meets 23 Chinese Suppliers at Event
4.28.08 Tractor Supply Company, the largest U.S. farm and ranch product retailer with over US$2 billion in annual sales, met 23 Greater China suppliers pre-screened by Global Sources at the Private Sourcing Event in Shenzhen on April 7, according to a press release.
Melody Alford, Director of Global Sourcing for Tractor Supply, said: "At Tractor Supply, we stand behind the products we sell and our customers have come to expect our products to perform and to last, so we must focus on quality.
"The opportunity to meet directly with suppliers and communicate this message was invaluable. The Global Sources suppliers we met at the event reflected this quality consciousness that's so important to our business. We will continue to utilize Global Sources as one method to locate suppliers for the Tractor Supply stores," said Alford.
Tractor Supply Reports Q1 Loss
4.24.08 Tractor Supply Company has reported first quarter net sales increased 2.9 percent to $576.2 million from $559.8 million in the prior year's first quarter. Same-store sales decreased 6.5 percent for the quarter.
Net loss for the quarter was $1.2 million, compared to net income of $5.0 million, in the first quarter of the prior year.
The full press release is here.
Lumber Liquidators to Release Q1 Results April 29
4.16.08 Lumber Liquidators, Inc., (NYSE: LL), the largest specialty retailer of hardwood flooring in the U.S., and one of the few bright spots in the home improvement sector this year on the stock market after having gone public late last year, has announced that it intends to release first quarter 2008 results on Tuesday, April 29, 2008.
The Company plans to host a conference call and audio webcast on that day at 10:00 a.m. Eastern Time. The conference may be accessed by dialing (800) 762-8779. The live conference call and replay can also be accessed via audio webcast at the Investor Relations section of the Company's website:
www.lumberliquidators.com.
Fastenal Q1 Sales +16%
4.11.08 Fastenal Company today reported net sales for the first quarter ended March 31, 2008 increased 15.8 percent to $566.2 million. Net earnings for the period increased 26 percent to $68.1 million from $54.0 million in the year-ago period.
The company opened 53 new stores during the quarter, bringing their total to 2,213.
The full financial report is here.
Praktiker 2007 Sales +25%
4.11.08 In fiscal year 2007, the Praktiker Group “generated the highest sales and the best operating result so far in its 30-year history.”
“Net sales of the Group were up 24.8 percent to 3.945 billion euros ($6.225 billion). Earnings before interest, taxes and amortization (EBITA) – before the conditions set by the Federal Cartel Office for the approval of the Max Bahr acquisition – came in at 125.8 million euros. Growth was driven by the takeover of Max Bahr effective on 1 February 2007 and a strongly expanding international business,” according to a press release.
The full report is here.
Walmex Profits +11% in Q1
4.9.08 Wal-Mart de Mexico (Walmex) yesterday reported net income in the first quarter rose 11 percent to 3.26 billion pesos ($308 million) from 2.94 billion pesos in the year-ago period.
Net sales in the period increased 14 percent to 57 billion pesos ($5.4 billion).
Target Names EVP Merch.
4.8.08 Broadline retailer Target Inc. said yesterday it has named Kathee Tesija as executive vice president of merchandising, effective May 1.
Tesija, 45, has served as senior vice president of merchandising for the baby, beauty, commodities, electronics, entertainment, health and wellness, pharmacy, sporting goods and toys divisions.
Kingfisher Names Chief Executive of UK Division
4.2.08 Kingfisher plc, Europe's leading international home improvement retailer, today announced the appointment of Euan Sutherland as Chief Executive of its UK Division, which comprises B&Q in the UK and Ireland, Screwfix and Trade Depot. Mr Sutherland, 39, is currently Chief Executive of AS Watson Health and Beauty UK, owner of the Superdrug and Savers retail businesses. He will take up his role in the next few months.
Canada’s BMR Group Adding Hardware Retailers
3.28.08 Yves Gagnon, president and chief executive officer of Groupe BMR Inc., yesterday in a press release announced the inauguration of a new banner specializing in hardware products.
"This new banner will allow us to widen our network of retailers and to occupy an important niche in both rural and urban areas. This strategic initiative could not be more timely, as in just one month it has attracted a dozen new retailers to our group. It is interesting to note that our newcomers have joined us from Ontario and Atlantic Canada as much as from Québec,” said Yves Gagnon.
Founded in 1967, BMR is a group of merchants who together operate some 170 home improvement centers and hardware stores throughout Quebec, Ontario, Nova Scotia, New Brunswick and Prince Edward Island. Annual retail sales for the BMR group are estimated at about 1.2 billion Canadian dollars.
Williams Sonoma Predicts “Challenging” 2008
3.27.08 Williams-Sonoma, Inc. today announced a financial guidance for fiscal year 2008, the 52 weeks ending February 1, 2009, with comparisons to fiscal year 2007; a 53-week year ended February 3, 2008.
Net revenues in fiscal year 2008 are expected to be in the range of $3.793 billion to $3.877 billion - a decrease of (3.9%) to (1.7%) versus net revenues of $3.945 billion for the 53 weeks ended February 3, 2008. On a comparable 52-week to 52-week basis, net revenues are expected to change in the range of (2.0%) to (0.2%).
Howard Lester, Chairman and Chief Executive Officer, commented, "As we look forward to 2008, we believe we will be operating in one of the most challenging macro-economic environments we have seen in many years. Accordingly, we are approaching 2008 with a high level of caution and a view to preserve flexibility in our business plans, which is reflected in today's guidance."
Kingfisher Reports 2007 Sales +8%, Profit Down on Charges
3.27.08 Kingfisher plc this morning reported preliminary results for the fiscal year ended February 2, 2008.
Total retail sales for the year increased 7.9 percent to 9.364 billion British pounds from 8.676 billion British pounds in the prior year. Same-store sales for the year increased 2.6 percent. Retail profit for the year fell 1.2 percent to 498 million British pounds from 504 million pounds in the prior fiscal year.
The world’s third-largest home improvement retailer reported sales in the UK up 5 percent, sales outside the UK up 11 percent and exceptionally strong sales in Poland of plus 31 percent. B&Q China is being restructured, resulting in charges totaling 33 million pounds between fiscal 2007 and 2009.
The full financial report is here.
Sherwin-Williams Cuts Outlook to Reflect Lower Sales
3.24.08 Sherwin-Williams today cut its first-quarter and full- year earnings targets to reflect lower sales in the U.S. coupled with higher raw-material costs.
The company said it now expects to report first-quarter earnings of 56 cents to 61 cents a share, compared to a prior target range of 72 cents to 80 cents a share set in late January when the company reported financial results for the fourth quarter of 2007.
Sherwin-Williams also revised its full-year profit outlook to $4.70 to $4.85 a share, down from the January forecast of $5 to $5.15 a share.
The full report is here.
Homebase Sales Down 1.6%
3.20.08 Home Retail Group, parent company of the U.K.’s Homebase home improvement chain, reports total sales for the fiscal year ended March 1, 2008 at the chain declined 1.6 percent to £1.569 billion. Same-store sales for the year fell 4.1 percent. A complete year-end report will be available April 30, 2008.
The full press release is here.
Lumber Liquidators Wants to Floor the U.K.
3.19.08 Lumber Liquidators has begun a program to offer exotic hardwoods to customers in the U.K. with free shipping through May 31, 2008.
As part of the marketing effort, Lumber Liquidators is showing many of its hardwood flooring options, which include the popular Bellawood brand, at the Daily Mail Ideal Home Show from March 14 to April 6, 2008 in Earls Court, London.
"We are known throughout the U.S. for having the widest variety and selection of hardwood floors at the best prices," said Tom Sullivan, founder and chairman of Lumber Liquidators. "With the American dollar at an historic low and our free shipping offer through May 31, 2008, the value is remarkable for U.K. customers."
Lumber Liquidators will ship its flooring to a U.K. warehouse from the United States. Once an order has been placed, customers will be sent shipping status updates on a weekly basis via e-mail and will receive their flooring in four to five weeks, according to a press release.
Lumber Liquidators Reports 4Q and Full Year 2007 Results
3.12.08 Lumber Liquidators, Inc. today announced financial results for the fourth quarter and year ended December 31, 2007.
Net sales increased $20.7 million, or 24.4%, to $105.5 million in the fourth quarter of 2007 from $84.8 million in the fourth quarter of 2006. Comparable store sales increased 8.6% for the quarter on top of an increase of 12.2% for the prior year period. The Company opened five stores in the fourth quarter, achieving its plan of 25 new store openings in 2007.
Net income was $3.1 million in the fourth quarter of 2007 compared to $1.6 million in the year-ago period.
Net sales increased $73.2 million, or 22.1%, to $405.3 million in 2007 from $332.1 million in 2006. Comparable store sales increased 8.6% for the full year on top of an increase of 17.3% for the prior year.
Net income in 2007 was $11.3 million, or $0.48 per diluted share, compared with net income in 2006 of $12.9 million, or $0.56 per diluted share.
On November 9, 2007, the Company completed its initial public offering of 3,800,000 shares of common stock at a price of $11.00 per share, receiving approximately $36.2 million of net proceeds, of which $6.6 million was immediately used to repay outstanding debt.
The full financial report is here.
Carrefour 2007 Sales +7%
3.6.08 Carrefour today announced fiscal 2007 net sales increased 6.8 percent to euro 82.148 billion from euro 76.887 billion in 2006. Net Group income for the year increased 1.4 percent to euro 2.299 billion.
The full financial report, with breakdowns by activity and country, is here.
Restoration Hardware Posts Statement on Merger
2.28.08 Restoration Hardware, Inc. has announced the expiration of the "go-shop" period conducted by a committee of independent directors concerning a possible merger with Catterton Partners or Sears Holdings and has posted the following notice on the investor relations page of its website:
“During the ‘go-shop’ period, Restoration Hardware was permitted to initiate, solicit and encourage alternative proposals until February 28, 2008. Despite numerous efforts to engage with Sears Holdings during the go shop process, Sears Holdings did not submit a proposal until the final day. After several discussions with representatives of Sears Holdings concerning the terms of the proposal, the independent committee determined that the current Sears Holdings proposal was not reasonably likely to result in a superior proposal under the terms of the Agreement and Plan of Merger because, among other considerations, the proposal was subject to significant uncertainties compared to the Agreement and Plan of Merger.”
“With the expiration of the "go-shop" period, Restoration Hardware is continuing to work with Catterton Partners to complete the merger in a timely manner, subject to satisfaction of the conditions set forth in the Agreement and Plan of Merger.”
The full press release is here.
Tractor Supply Increases Credit Line by $100 Million
2.28.08 Tractor Supply Company today announced that it has exercised the $100 million increase option in its existing senior revolving credit facility, thereby increasing the aggregate amount from $250 million to $350 million.
Jim Wright, Chairman, President and Chief Executive Officer, stated, "As we continue to execute our long-term growth strategy, this increased capacity provides us with greater financial flexibility and enhances our ability to manage our capital effectively. Given current market conditions, we consider the full participation of our lenders to be a strong indication of their continued confidence in our financial strength and business opportunities."
The full press release is here.
Kingfisher 4Q Sales +5%
2.27.08 Kingfisher plc, Europe’s largest home improvement retailing group, has reported total sales for the fourth fiscal quarter ended February 2, 2008 of 2.180 billion British pounds ($4.34 billion). That is an increase of 4.6 percent from the year-ago period.
Sales fell 5.1 percent in the UK, rose 14.1 percent in France, rose 27 percent in the rest of Europe and fell 7.5 percent in Asia.
The full report is here.
Target 4Q Earnings Down 8%
2.27.08 Target Corporation has reported net earnings of $1.028 billion for the fourth quarter ended February 2, 2008, a thirteen-week period, down 8 percent from $1.119 billion in the fourth quarter ended February 3, 2007, a fourteen-week period.
For the full fiscal year 2007, a 52-week period, net earnings were $2.849 billion, compared with $2.787 billion in fiscal 2006, a 53-week period. Total revenues for the year increased 6.5 percent to $63.367 billion from $59.490 billion in 2006.
The full financial report is here.
RONA 2007 Sales Up 7%
2.22.08 RONA inc., the largest Canadian retailer and distributor of hardware, renovation and gardening products, has announced 2007 total sales of C$4.8 billion, an increase of 7.1 percent on a comparable basis (average weekly sales, to adjust for the additional week in 2006). The year’s operating income stood at C$400.2 million, up 6.3 percent on a comparable basis. Net earnings were C$185.1 million, down 2.9 percent from 2006.
RONA to Invest $20 Million in Reno-Depot Renovations
2.15.08 RONA, Canada’s largest retailer and distributor of hardware, home renovation and gardening products, has announced that it will invest $20 million to renovate all stores operating under its Réno-Dépôt banner.
RONA press releases are here.
Lumber Liquidators to Announce Results
2.14.08 Newly public Lumber Liquidators, Inc. has announced that it intends to release fourth quarter and full year 2007 results as well as a full year 2008 guidance on Wednesday, March 12, 2008.
Canadian Tire Sales Up 3%
2.8.08 Canadian Tire Corp. reports 2007 total retail sales increased 3.3 percent to C$10.1 billion. Net earnings for the year increased 17.8 percent to C$417.6 million.
In the fourth quarter of the year, sales increased 3.1 percent to C$3.0 billion and net income grew 15.5 percent to C$125.1 million.
The full financial report is here.
Lumber Liquidators Chairman Sells Shares
2.8.08 The chairman of Lumber Liquidators Inc., a specialty retailer of hardwood flooring that went public in November, sold 34,000 shares of common stock, according to a Securities and Exchange Commission filing this week.
In a Form 4 filed with the SEC, Thomas D. Sullivan reported he sold the shares for $8.99 to $9.76 apiece.
The SEC document is here.
Central Garden Income Down 51% as Sales Increase 3%
2.8.08 Central Garden & Pet Company today announced fourth quarter and full year results for its fiscal year ended September 29, 2007.
For the fourth quarter, the company reported net sales of $401 million, a decline of $20 million or 5 percent from $421 million in the comparable 2006 period. The net loss for the quarter was $1.7 million, compared to net income of $6.0 million in the year ago period.
Net sales for the Garden Products segment were $180 million, a decrease of $4 million or 2 percent compared to the fourth quarter of fiscal 2006. Garden branded products sales increased approximately $3 million or 2 percent while sales of other manufacturers' products declined 23 percent.
Net sales for fiscal year 2007 were $1.67 billion, an increase of 3 percent from $1.62 billion in fiscal 2006. Net income for the year decreased 51 percent to $32.3 million from $65.5 million in the prior year.
The full financial report is here.
Sherwin-Williams Sales +2.5%
2.4.08 The Sherwin-Williams Company has reported 2007 net sales increased 2.5 percent to $8.01 billion from $7.81 billion in 2006. Net income for the year increased 6 percent to $615.6 million from $576.1 million in the prior year.
In the fourth quarter, sales increased 3.3 percent to $1.85 billion from $1.79 billion in the year-ago period. Income for the quarter increased 2.1 percent to $100.8 million from last year’s $98.7 million.
The Paint Stores Group 2007 sales increased 2.3 percent to $4.96 billion from the prior year’s $4.84 billion. Profit in the Paint Stores Group increased 6 percent to $766.5 million from $719.9 million in 2006. The full report is here.
84 Lumber Sales Down 21%
2.1.08 Building materials supply company, 84 Lumber, has reported 2007 total sales declined 21 percent to $3.1 billion from $3.92 billion in 2006. The private company did not release earnings information.
84 Lumber operates around 455 stores and component plants serving primarily professional builders and contractors.
Tractor Supply Reports 2007 Sales Increased 14%
1.31.08 Tractor Supply Company, the country’s largest chain of retail farm and ranch stores, last night released results for the 2007 fourth quarter and full year.
In the fourth quarter, net sales increased 14.8 percent to $723.3 million from $629.9 million in the year-ago period. Same-store sales in the quarter increased 3.8 percent.
Net income for the quarter was $30.0 million, up slightly from $29.5 million a year ago.
For fiscal 2007, net sales increased 14.1 percent to $2.70 billion, compared with $2.37 billion in 2006. Same-store sales for the year increased 3.4 percent.
Net income for the year was $96.2 million, compared to $91.0 million in 2996.
The full financial report is here.
Restoration Hardware Amends Merger Agreement
1.25.08 Restoration Hardware, Inc. has announced that it has entered into an amendment to its previously announced merger agreement with certain affiliates of Catterton Partners.
“Under the terms of the amended merger agreement, all of the outstanding shares of Restoration Hardware, other than those exchanged by certain stockholders participating with Catterton Partners in the transaction, will be acquired for a price per share equal to $4.50 in cash. The $4.50 per share cash consideration represents a 68 percent premium to the closing price of Restoration Hardware common stock on November 7, 2007, the last trading day prior to the initial announcement of the original merger agreement. The total equity value of the transaction is approximately $179 million. The amendment also extends the outside termination date for the merger agreement from April 30, 2008 to June 30, 2008 and changes the definition of material adverse effect to increase the likelihood that the transaction will close if the Company experiences weakness in its operating results.”
“Additionally, in connection with the execution of the amendment, Catterton Partners, through its affiliates, has provided a $25 million subordinated loan to Restoration Hardware for working capital purposes. This loan is not contingent on the closing of the acquisition and has been funded.”
The full press release is here.
Kingfisher Names CEO
1.25.08 Kingfisher today announced the appointment of Ian Cheshire as Group Chief Executive effective January 28, 2008. This follows the announcement on November 1, 2007 that Gerry Murphy will stand down from the position after five years as Group Chief Executive.
Kingfisher plc is Europe's leading home improvement retail group and the third largest in the world, with nearly 760 stores in 9 countries in Europe and Asia. Its main retail brands are B&Q, Castorama, Brico Dépôt and Screwfix. Kingfisher also has a 21 percent interest in Hornbach, Germany's leading large format DIY retailer, with over 120 stores in Germany and eight other European countries.
The full press release is here.
Carrefour 2007 Sales +7%
1.24.08 Carrefour this morning reported that total Group sales for 2007 increased 7 percent to €92.272 billion ($134.878 billion). The world’s second largest retailer also predicted 2008 sales will increase by 6 to 8 percent.
The full press release is here.
Tractor Supply to Webcast 2007 Results Next Week
1.23.08 Tractor Supply Company will release its fourth quarter 2007 results after the market closes on Wednesday, January 30, 2008. In conjunction with this release, the management of Tractor Supply Company will host a conference call, which will be simultaneously webcast live over the Internet.
Fastenal Profits Up 17%
1.22.08 The Fastenal Company this morning reported net sales for the year ended December 31, 2007 totaled $2.062 billion, an increase of 14.0 percent over net sales of $1.809 billion in 2006. Net earnings increased from $199.034 million in 2006 to $232.622 million in 2007, an increase of 16.9 percent.
Net sales for the three-month period ended December 31, 2007 totaled $519.206 million, an increase of 15.7 percent over net sales of $448.729 million in the fourth quarter of 2006. Net earnings increased from $45.570 million in the fourth quarter of 2006 to $56.191 million in the fourth quarter of 2007, an increase of 23.3 percent.
During 2007, Fastenal opened 161 new sites (Fastenal opened 245 new sites in 2006). These 161 new sites represent an increase in stores since December 31, 2006 of 8.1 percent. There were 2,000 sites on December 31, 2006.
The full financial report is here:
RONA Buys Distributor
1.18.08 RONA, the leading Canadian distributor and retailer of hardware, home renovation and gardening products, has acquired the operating assets of Best-MAR Plumbing and Heating Supplies Inc. The transaction is expected to close in the first quarter of 2008 and will be financed through RONA’s existing credit facilities.
The full press release is here.
Fastenal to Announce Results
1.17.08 Fastenal Company has announced that the Company's conference call to review 2007 annual and fourth quarter 2007 results, as well as current operations, will be broadcast live over the Internet on Tuesday, January 22, 2008 at 9:00 a.m. Central Time.
To access the call, visit:
http://investor.fastenal.com/
Williams-Sonoma Sales +4%
1.16.08 Williams-Sonoma, Inc. has announced that net revenues for the 9-week holiday period ended December 30, 2007 increased 4.4 percent to $1.021 billion versus the comparable 9-week holiday period ended December 31, 2006. Same-store sales fell 0.4 percent for the period.
The full financial report is here.
Tractor Supply Adds
E-Commerce Expert to Board
1.15.08 Tractor Supply Company today announced that William Bass has been appointed to the Company's board of directors.
Mr. Bass co-founded and currently serves as chief executive officer for Fair Indigo, a direct response apparel retailer. Prior to that, he held several management positions with Sears and was responsible for leading the e- commerce initiatives for Sears Customer Direct and Lands' End Inc., where he grew landsend.com from $60 million in annual sales to more than $550 million.
The full press release is here.
Restoration Hardware Holiday Sales Declined 1%
1.14.08 Restoration Hardware, Inc. has announced sales results for the nine-week holiday period ended January 5, 2008. Net revenue was $171.5 million versus $173.2 million in the year-ago period. This reflects a decline of 1 percent in the 2007 Holiday selling season compared to a 22 percent increase in the 2006 season.
The full press release is here:
Target December Sales Flat
1.11.08 Target Corporation yesterday reported that its net retail sales for the five weeks ended January 5, 2008 increased 0.1 percent to $9.262 billion from $9.254 billion for the five-week period ended December 30, 2006. On a reported basis, comparable-store sales decreased 5.0 percent. On a calendar-adjusted basis, comparing the five-weeks ended January 5, 2008 to the five-weeks ended January 6, 2007, comparable-store sales increased 0.6 percent.
"Our December sales were in line with the mid-month update provided on December 24," said Bob Ulrich, chairman and chief executive officer. "As a result, we continue to believe that fourth quarter earnings per share will not meet last year's performance."
Ulrich to Retire as Target CEO
1.10.08 Target
Corporation's board of directors announced yesterday that Bob Ulrich,
chief executive officer and chairman of the board, will retire as CEO
effective May 1, 2008. Gregg Steinhafel, president, was named to
succeed Ulrich as chief executive officer. Ulrich, who turns 65 in
April, will remain as chairman through the end of fiscal 2008.
The full press release is here.
BB&B Posts 11% Sales Increase in Third Quarter
1.4.08 Bed Bath & Beyond has reported net sales for the third fiscal quarter ended December 1, 2007 increased 10.8 percent to $1.795 billion, versus $1.619 billion in the year-ago period. Net earnings for the period fell to $138.2 million, compared with $142.4 million in the year-ago period. Same-store sales in the quarter increased 0.8 percent.
Kingfisher Sells Taiwan Stores
12.17.07 Kingfisher plc this morning announced an agreement to sell its 50 percent joint venture stake in B&Q Taiwan to its joint venture partner, Test Rite International, for $106.5 million.
The venture was Kingfisher’s first entry into Asia in 1996 and since then has grown into a 21-store chain in the country.
While the company has labeled the venture a success, it “now offers only limited opportunities for future market share growth,” said Kingfisher Chairman Peter Jackson.
The full press release is here.
TSCO Makes Presentation
12.13.07 Tractor Supply Company this week participated in the Wedbush Morgan Securities Conference. Tony Crudele, Chief Financial Officer and Randy Guiler, Director of Investor Relations, attended the conference. A webcast of the company's 40-minute presentation will be available on the Company's website at TractorSupply.com for 30 days.
The link to the presentation is here.
Costco Sales Up 12%
12.13.07 Costco Wholesale Corporation announced today its net sales for the first quarter of fiscal 2008 increased 12 percent to $15.47 billion from $13.85 billion during the first quarter of fiscal 2007. Same-store sales increased 8 percent.
Net income for the first quarter increased 11 percent to $262 million from $237 million in the first quarter of fiscal 2007.
The full financial report is here.
Sears, Restoration Sign Confidentiality Agreement
12.10.07 Sears Holdings Corp. and Restoration Hardware Inc. today said that they have entered into a confidentiality agreement whereby Sears will have access to confidential financial information concerning Restoration Hardware for the purpose of Sears evaluating a possible binding proposal to acquire Restoration Hardware.
Restoration Hardware’s SEC filings on the matter are here.
Restoration Hardware Reports Third Quarter Loss of $15.2M
12.10.07 Restoration Hardware today reported a net loss for the third fiscal quarter ended November 3, 2007 of $15.2 million, compared with a loss of $5.7 million in the year-ago period.
The retailer, which is in merger negotiations with both Sears Holdings and Catterton Partners, reported an 11 percent revenue gain for the quarter to $173.7 million from last year’s $157.1 million.
The full financial press release is here.
RONA Creates New Pro Division, Names Head
12.3.07 RONA Inc., the largest Canadian retailer and distributor of hardware, home renovation and gardening products, has announced that Michael Storfer will head up its new division dedicated to the commercial and professional market.
Mr. Storfer joined RONA as president of plumbing specialist Noble Trade when the company was acquired earlier this year. In his new role, he will have overall responsibility for the Noble Trade banner and building materials specialist chains Curtis Lumber, Matériaux Coupal and Dick’s Lumber (once the transaction closes in the next few days), as well as RONA’s existing commercial and institutional sales team.
The full press release, with details of further management appointments, is here:.
Kingfisher 3Q Sales +7%
11.29.07 Kingfisher plc, Europe’s largest home improvement retail group, today reported third quarter sales increased 7.4 percent to £2.409 billion ($5.007 billion). Retail profit for the quarter declined 0.8 percent to £171.7 million ($356.9 million).
The full financial report with detail by division (B&Q, Screwfix, Castorama, Brico Depot, etc) is here.
Sears Continues Pursuit of Restoration Hardware
8.20.08 Target Corporation has reported net earnings of $634 million for the second quarter ended August 2, 2008, compared with $686 million in the second quarter ended August 4, 2007, a drop of 8 percent.Sales grew 5.7 percent in the second quarter to $15.0 billion from $14.2 billion in 2007, due to the contribution from new store expansion slightly offset by a 0.4 percent decline in comparable store sales, according to a press release.
The full financial report is here.
Costco July Sales +14%
8.8.08 Costco Wholesale has reported net sales of $5.70 billion for the month of July, the four weeks ended August 3, 2008, an increase of 14 percent from $5.02 billion in the same four-week period last year.For the first forty-eight weeks of its reporting period ended August 3, 2008, the Company reported net sales of $65.54 billion, an increase of 13 percent from $58.19 billion during the similar forty-eight-week period last year.
The full financial report is here.
Lumber Liquidators Q2 Income More Than Doubles
8.6.08 Lumber Liquidators today reported net sales increased 21.1 percent to $128.0 million in the second quarter of 2008 from $105.7 million in the second quarter of 2007. Comparable store net sales increased 2.7 percent for the quarter on top of an increase of 9.0 percent for the second quarter of the prior year. The Company opened 10 new stores during the second quarter.Net income more than doubled to $5.9 million, or $0.22 per diluted share, in the second quarter of 2008 compared to $2.3 million, or $0.10 per diluted share, in the second quarter of 2007.
Net sales increased 22.7 percent to $242.6 million in the first six months of 2008 from $197.7 million in the first six months of 2007. Comparable store net sales increased 4.7 percent for the first half of 2008, on top of an increase of 8.8 percent for the first half of the prior year.
Net income more than doubled to $10.2 million, or $0.38 per diluted share, in the first half of 2008 compared to $4.6 million, or $0.20 per diluted share, in the first half of the prior year.
The full financial report is here.
Tractor Supply Expands Buyback Program to $400M
8.5.08 Tractor Supply Company today announced that its board of directors has authorized a $200 million increase to its current share repurchase program. The program, established in February 2007, now totals $400 million and the term has been extended through December 31, 2011. As of June 28, 2008, the Company had purchased 4.0 million shares for approximately $178 million under the program.The full press release is here.
Orchard Supply Names Merchandising SVP
7.30.08 Orchard Supply Hardware (OSH) has announced the appointment of Mark Kauffman as Senior Vice President of Merchandising. Mr. Kauffman will be responsible for merchandising and category management as well as providing key leadership for the company’s strategic growth initiatives.Prior to joining OSH, Mr. Kauffman was the Senior Vice President of Merchandising and Retail Stores at Northern Tool and Equipment in Burnsville, Minnesota, where he led the merchandising strategies and initiatives for the multi channel (store, web, and catalog) brand for six years. Prior to that position, Mr. Kauffman was Senior Vice President/General Merchandise Manager at Lowe’s.
Tractor Supply Q2 Sales +14%
7.24.08 Tractor Supply Company last night announced financial results for its second fiscal quarter ended June 28, 2008.Net sales increased 13.6 percent to $898.3 million from $790.9 million in the prior year's second quarter. Same-store sales increased 3.4 percent compared with a 1.0 percent increase in the prior year's second quarter.
Net income for the quarter was $47.0 million, or $1.24 per diluted share, compared to $43.8 million, or $1.08 per diluted share, in the prior year's second quarter.
The Company opened 23 new stores in the quarter compared to 20 new store openings and one store closure after the Company sold its Del's store in Canada in the prior year's second quarter.
For the first six months of 2008, net sales increased 9.2 percent to $1.47 billion. Same-store sales decreased 0.7 percent compared to an increase of 3.9 percent in the first half of 2007.
Net income for the first six months of 2008 was $45.9 million, or $1.21 per diluted share, compared to net income of $48.8 million, or $1.19 per diluted share, for the first six months of 2007.
During the first six months of 2008, the Company opened 50 new stores with no relocations, compared to 42 new store openings, seven relocations, and one store closure after the Company sold its Del's store in Canada during the first six months of 2007.
Looking forward, the Company confirms that same-store sales for the year will be approximately flat to 2 percent. The Company anticipates opening approximately 88 to 93 stores for the full year and now expects there will be slightly fewer selling weeks from new stores in 2008. Accordingly, the Company has narrowed its fiscal 2008 net sales expectations to a range of $2.98 billion to $3.03 billion from its prior guidance range of $2.98 billion to $3.04 billion. The Company expects full year net earnings will range from $2.49 to $2.55 per diluted share.
The full financial report is here.
Costco Says Earnings Will Be “Well Below” Expectations
7.23.08 Costco Wholesale Corp. today said its earnings for its fiscal fourth quarter are expected to be well below the current First Call consensus earnings per share estimate of $1.00. Actual results for the fourth quarter and the fiscal year will be reported on October 8, 2008.According to Richard Galanti, Chief Financial Officer of Costco: "Factors negatively affecting our fourth quarter earnings outlook arise largely from inflation, particularly as to energy costs. They include a significantly greater-than-anticipated LIFO charge; an anticipated negative swing in year-over-year profitability in our gasoline operations; and slightly lower-than-planned merchandise profits related to holding selling price points to help drive sales and maintain the confidence of our members. Our comparable sales results remain strong relative to other retailers and we believe our growth outlook remains positive, with 20 to 25 additional new units planned for our 2009 fiscal year."
The full press release is here.
Lumber Liquidators to Announce Q2 Results 8/6/08
7.23.08 Lumber Liquidators, Inc., (NYSE:LL), one of the few bright home improvement industry stars shining on Wall Street this year, today announced that it intends to release second quarter 2008 results on Wednesday, August 6, 2008.Tractor Supply to Report
7.16.08 Tractor Supply Company intends to release its second quarter 2008 results after the market closes on Wednesday, July 23, 2008. In conjunction with this release, the management of Tractor Supply Company will host a conference call at 5 p.m. Eastern Time on Wednesday, July 23, 2008, which will be simultaneously webcast live over the Internet at TractorSupply.com.Target June Sales Up 7%
7.10.08 Target Corporation this morning reported that its net retail sales for the five weeks ended July 5, 2008 increased 6.6 percent to $5.842 billion from $5.479 billion for the five weeks ended July 7, 2007. June same-store sales increased 0.4 percent.The full financial report is here.
BB&B Profit Down 27%
6.27.08 Bed Bath & Beyond Inc. has reported net earnings of $.30 per diluted share ($76.8 million) in the fiscal first quarter ended May 31, 2008, compared with net earnings of $.38 per diluted share ($104.6 million) in the same quarter a year ago.
Net sales for the fiscal first quarter of 2008 were approximately $1.648 billion, an increase of approximately 6.1 percent from net sales of $1.553 billion reported in the fiscal first quarter of 2007. Same-store sales for the fiscal first quarter of 2008 increased by approximately 0.8 percent, compared with an increase of approximately 1.6 percent in last year's fiscal first quarter.
Pier 1 Withdraws Cost Plus Acquisition Offer
6.25.08 Pier 1 Imports, Inc. yesterday announced it has withdrawn its proposal to acquire all the outstanding shares of Cost Plus, Inc. common stock. The Company stated:
“Our goal in pursuing a combination with Cost Plus was to create a stronger, more efficient company. In addition to the significant cost savings, the combination would provide Cost Plus ample balance sheet liquidity and proven merchandising expertise to operate more efficiently in a difficult retail environment. We have concluded, however, it is unlikely that we would be able to acquire a majority interest in Cost Plus at a price that would make sense for our shareholders.”
The full press release is here.
Restoration Hardware Completes Sale to Catterton
6.18.08 Restoration Hardware, Inc. has announced that the acquisition of the Company by a group of investors including Catterton Partners and Gary Friedman, the Company's Chairman, President and Chief Executive Officer, has been completed. Under the terms of the merger agreement, which was approved by shareholders on June 12, 2008, all of the outstanding shares of common stock of Restoration Hardware, other than those exchanged by certain shareholders participating with Catterton Partners in the transaction, will receive $4.50 per share in cash.
In connection with the closing, Restoration Hardware and Catterton Partners also announced that Tower Three Partners LLC, an operationally focused private equity firm, has made an equity investment in the Company. Tower Three's investment is approximately equal to the investment made by Catterton. Together, Catterton and Tower Three will have a controlling equity interest in the Company.
"We are pleased to announce the successful closing of this transaction and the investment by Tower Three," said Mr. Friedman. "With Tower Three's investment, we will gain access to a team of professionals with a proven track record of building operational excellence. Combined with Catterton's expertise in developing and growing leading consumer brands, I believe this partnership will greatly benefit Restoration Hardware's stakeholders, customers, and team members."
The full press release is here.
Cost Plus Rejects Pier 1 Offer
6.16.08 Cost Plus, Inc. today announced in a press release that its Board of Directors has unanimously rejected the Pier 1 Imports, Inc. unsolicited stock-for-stock merger proposal it received on June 6, 2008.
“After careful consideration of Pier 1's highly conditional proposal, and in consultation with its legal and financial advisors, Cost Plus' Board of Directors has unanimously determined that Pier 1's proposal is not in the best interests of Cost Plus and its shareholders, according to the release.
Restoration Hardware Merger Agreement Approved
6.13.08 Restoration Hardware, Inc. today announced that its shareholders adopted the amended merger agreement between Restoration Hardware and certain affiliates of Catterton Partners. The amended merger agreement was adopted June 12 at a special meeting of shareholders of Restoration Hardware's outstanding shares of common stock, with more than 99 percent of the votes cast in favor of the amended merger agreement.Restoration Hardware expects that the transactions contemplated by the amended merger agreement will be completed next week. Under the terms of the amended merger agreement, all of the outstanding shares of common stock of Restoration Hardware, other than those exchanged by certain shareholders participating with Catterton Partners in the transaction, will be acquired for a price per share equal to $4.50 in cash.
Restoration Hardware also announced that it reached a preliminary agreement for the settlement of a shareholder complaint filed in the Superior Court of the State of California as a purported class action on behalf of the public shareholders of Restoration Hardware. Under the terms of the settlement, the action will be dismissed with prejudice. As part of the settlement, the defendants in the litigation will establish a common fund of $3.7 million, less the plaintiff's attorneys' fees, to be paid to Restoration Hardware shareholders as of the closing of the merger transaction other than those shareholders participating with Catterton Partners in the transaction or those shareholders who are also executive officers or directors of Restoration Hardware.
The full press release is here.
Tractor Supply to Provide Update and Forecast
6.12.08 Tractor Supply Company today announced its participation in the William Blair & Company Growth Stock Conference. Jim Wright, Chairman, President and Chief Executive Officer, and Randy Guiler, Director of Investor Relations, will be attending the conference. The Company's 30-minute presentation is scheduled to begin at 9:30 a.m. Eastern Time on Thursday, June 19, 2008. A webcast of the presentation will be available on the Company's website at TractorSupply.com under investor relations, and an archive of the webcast will be accessible for 30 days. A similar presentation given by the company on June 11 is also posted on the site.Walmex May Sales +15%
6.6.08 Wal-Mart de Mexico yesterday reported total sales for the month of May increased 15.2 percent to 19.99 billion pesos ($1.94 billion). Same-store sales increased 8.5 percent.The full financial report is here.
Target May Sales +5.5%
6.5.08 Target Corporation today reported that its net retail sales for the four weeks ended May 31, 2008 increased 5.5 percent to $4.564 billion from $4.325 billion for the four weeks ended June 2, 2007. May same-store sales fell 0.7 percent.The full financial report is here.
Carrefour Proposes Change to Corporate Structure
6.4.08 The Supervisory Board of Carrefour “has decided to modify its articles of association in order to transform it into a company with a Board of Directors,” according to a press release today.“The intention of the new Board of Directors which will be submitted to the vote of shareholders is to appoint Amaury de Seze as Chairman of the Board and Jose Luis Duran as Chief Executive Officer,” according to the release.
“The simplification of our structure is a must to facilitate and speed up the decision-making process of a large Group such as ours,” said Mr. de Seze.
The proposal will be submitted at an Extraordinary General Meeting at the end of the month of July.
Restoration Hardware Reports Q1 Loss, Set to Vote on Merger
6.4.08 Restoration Hardware Inc. has reported a first quarter net loss of $19.77 million compared to $12.99 million in the year-ago period. Revenue for the period increased to $144.7 million, up from $142.7 million in 2007.A special meeting of stockholders is scheduled for June 12, 2008 to vote on a proposed merger of the company with certain affiliates of Catterton Partners.
The full financial report is contained in an SEC filing available here.
Williams-Sonoma Net Falls 42%
6.4.08 Williams-Sonoma Inc. today reported a 42 percent drop in net income for the first fiscal quarter to $10.4 million from last year’s $18.2 million. Revenue for the period fell 4.2 percent to $781.8 million.
Same-store sales declined at all the company’s formats with outlet stores down 13 percent, Pottery Barn down 11 percent and Williams-Sonoma stores down 4.8 percent.
The full financial report is here.
Kingfisher Sales Up 8.6%
6.4.08 Kingfisher plc, Europe’s largest home improvement retailer, today reported retail sales and profit updates for the first fiscal quarter ended May 3, 2008.Total Group retail sales increased 8.6 percent to £2.490 billion. Sales in the UK fell 3.0 percent to £1.131 billion, sales in France rose 2.7 percent to £897 million, and other international retail operation sales increased 27.4 percent to £462 million.
Total retail profit for the Group was £96 million, an increase of 8.9 percent over the year-ago period. Profits declined 8.5 percent in the UK, while rising 9.4 percent in France and 52.8 percent in other international operations.
The full report is here.
Sherwin-Williams Lowers Sales & Earnings Outlook
6.3.08 The Sherwin-Williams Company yesterday lowered its financial forecast for 2008, saying: “For the full year 2008, we anticipate consolidated net sales will be slightly lower than 2007. We had previously expected a low single digit percentage increase in consolidated net sales over 2007. We anticipate diluted net income per common share for 2008 will be in the range of $3.60 to $4.10 per share. The previous expectation for the full year 2008 was in the range of $4.70 to $4.85 per share. The significantly lower expectation of diluted net income per common share for the full year 2008 relates primarily to the expected continuation of the unprecedented downturn in the U.S. housing market and rapidly rising raw material cost increases. The Company reported diluted net income per common share of $4.70 per share for the full year 2007.”The full press release is here.
Linens ‘n Things Begins Liquidation Sales
6.3.08 Linens Holding Co., a leading home furnishings specialty retailer operating as “Linens ‘n Things,” has announced that the United States Bankruptcy Court for the District of Delaware has approved store closing sales in 120 of its over 500 stores across the country. Over $275 million in inventory will be liquidated, according to a press release.
The full press release is here.
Praktiker Business “Picking Up” After Slow Start
5.30.08 After a slow start into the year 2008, business of the Praktiker Group in Germany has picked up appreciably in the last two months, according to a press release today. “In terms of sales but even more so in terms of the gross profit on sales we are fully on target”, said Wolfgang Werner, Chairman and CEO of Praktiker Bau- und Heimwerkermärkte Holding AG, at this year’s Annual General Meeting held in Saarbrücken on May 30. “We started to catch up, which should bring us additional market share in the second quarter“. This notwithstanding Praktiker still anticipates that domestic like-for-like sales will be down from the year-earlier level. However, this trend would be more than compensated for by the dynamic growth of the company’s international segment so that the consolidated sales for 2008 are expected to “increase by a medium single-digit rate”.The full press release is here.
Costco Sales +13%
5.29.08 Costco Wholesale Corp. today reported its operating results for the third quarter and first thirty-six weeks of fiscal 2008, ended May 11, 2008.Net sales for the third quarter of fiscal 2008 increased 13 percent to $16.26 billion, from $14.34 billion during the third quarter of fiscal 2007.
Net sales for the first thirty-six weeks of increased 12 percent to $48.35 billion, from $43.00 billion in the year-ago period.
Net income for the third quarter of fiscal 2008 was $295.1 million, compared to $224.0 million, during the third quarter of fiscal 2007.
Net income for the first thirty-six weeks of was $884.9 million, compared to net income for the first thirty-six weeks of fiscal 2007 of $710.4 million.
The full financial report is here.
Praktiker Seen as Possible Home Depot Target
5.28.08 Shares in German home improvement retailer Praktiker rose as much as 9 percent during the trading day Wednesday on rumors of takeover interest from Home Depot, according to reports out of Frankfurt.Neither Praktiker nor Home Depot has commented on the speculation.
Lumber Liquidators to Present at Financial Conference
5.28.08 Lumber Liquidators, Inc., has announced that Jeffrey W. Griffiths, President and Chief Executive Officer, and Daniel E. Terrell, Chief Financial Officer, will present at the 2008 Piper Jaffray Consumer & Industrial Growth Conference. The Company's presentation is scheduled for Tuesday, June 10, 2008 at 1:30 p.m. EST in New York City.A live webcast of the presentation may be accessed via the Company's website at www.lumberliquidators.com under the Investor Relations section and will be archived for 90 days. The presentation slides may also be accessed via the Company's website.
Target Q1 Earnings Down 7.5%, Sells Credit Card Debt
5.21.08 Target Corporation yesterday reported net earnings of $602 million for the first quarter ended May 3, 2008, down 7.5 percent from $651 million in the first quarter ended May 5, 2007.Sales grew 5.0 percent in the first quarter to $14.3 billion in 2008 from $13.6 billion in 2007, due to the contribution from new store expansion partially offset by a 0.7 percent decline in comparable store sales. Retail segment earnings before interest expense and income taxes (EBIT) were $959 million in the first quarter of 2008, down 2.2 percent from $980 million in 2007.
The company also announced that the transaction to sell an undivided interest in approximately 47 percent of its credit card receivables to JPMorgan Chase for cash proceeds of about $3.6 billion was completed on Monday, May 19, 2008.
The full report is here.
BJ’s Q1 Sales +12%
5.21.08 BJ's Wholesale Club, Inc. today reported net income for the first quarter of 2008 of $17.2 million, or $.29 per diluted share. For the first quarter of 2007, the Company reported net income of $13.7 million, or $.21 per diluted share. The Company also announced that it expects to report earnings for fiscal 2008 in the range of $2.04 to $2.14 per diluted share, an increase of $0.06 versus prior guidance of $1.98 to $2.08 per diluted share.
Net sales for the first quarter of 2008 increased by 12.3 percent to $2.26 billion and comparable club sales increased by 9.6 percent, including a contribution from sales of gasoline of 3.9 percent. For the first quarter of 2007, net sales increased by 7.5 percent and comparable club sales increased by 2.3 percent, including a contribution from sales of gasoline of 1.4 percent.
The full financial report is here.
Bed Bath & Beyond Forms Joint Venture in Mexico
5.15.08 Bed Bath & Beyond Inc. has announced the formation of a joint venture with Home & More, S.A. de C.V., a privately-held home products retailer operating in Mexico. As a result of a $4 million investment, Bed Bath & Beyond Inc. becomes a 50 percent equity holder in a newly formed entity currently operating two stores in Mexico City under the name "Home & More," according to a press release.
RONA Same-Store Sales -5%
5.14.08 RONA, the largest Canadian distributor and retailer of hardware, renovation and gardening products, yesterday announced a 3.8 percent increase in sales in the first quarter of 2008. Same-store sales declined by 5.2 percent in the quarter, excluding price deflation for building materials of 0.5 percent and a negative 1.3 percent effect related to changes in statutory holidays.Operating income in the quarter was down by 18.2 percent, and net earnings stood at $1.0 million, or $0.01 per share, compared to $9.0 million or $0.08 per share in 2007.
The full financial report is here.
Central Garden Reports Q2 Sales Down Slightly
5.9.08 Central Garden & Pet Company has announced net sales of $485 million in the second fiscal quarter, down slightly from $486 million in the comparable fiscal 2007 period.Income from operations was $44.7 million, a decline of three percent compared to $46.2 million in the year ago period. Net income for the quarter was $20.5 million compared to $21.4 million in the year ago period.
Net sales for the Garden Products segment was $254 million, down from $256 million in the comparable fiscal 2007 period. The Garden Products operating income was $26.1 million compared to $28.8 million in the year ago period. Branded product sales increased one percent to $221 million. Sales of other manufacturers' products declined 12 percent to $33 million.
The full financial report is here.
Target April Sales +9%
5.8.08 Target Corporation today reported that its net retail sales for the four weeks ended May 3, 2008 increased 9.0 percent to $4.253 billion from $3.903 billion for the four weeks ended May 5, 2007. On this same basis, April same-store sales increased 3.1 percent.The full report is here.
Restoration Hardware to Vote on Merger
5.1.08 May 2, 2008 will be the record date for a special meeting of stockholders of Restoration Hardware, Inc. to consider and vote on a proposal to adopt the Agreement and Plan of Merger, dated as of November 8, 2007, wherein the company will become a direct wholly owned subsidiary of Catterton Management Company, LLC, a private equity firm, according to an SEC filing.
The filing is here.
Homebase Same-Store Sales Down 4%
4.30.08 Home Retail Group, the UK’s leading home and general merchandise retailer, today announced its results for the 52 weeks ending March 1, 2008. Sales increased 2.3 percent in total to £5,985m with same-store sales up 0.7 percent at Argos and down 4.1 percent at Homebase, the company’s home improvement retail chain.
The full press release is here.
Lumber Liquidators Income Nearly Doubles
4.29.08 Lumber Liquidators on Tuesday morning reported net income for the first quarter ended March 31, 2008 nearly doubled to $4.3 million from $2.2 million in the year-ago period.Net sales for the quarter increased 24.5 percent to $114.5 million from $92.0 in the first quarter of 2007, driven by a same-store sales increase of 7 percent.
The full financial press release is here.
Tractor Supply Meets 23 Chinese Suppliers at Event
4.28.08 Tractor Supply Company, the largest U.S. farm and ranch product retailer with over US$2 billion in annual sales, met 23 Greater China suppliers pre-screened by Global Sources at the Private Sourcing Event in Shenzhen on April 7, according to a press release.Melody Alford, Director of Global Sourcing for Tractor Supply, said: "At Tractor Supply, we stand behind the products we sell and our customers have come to expect our products to perform and to last, so we must focus on quality.
"The opportunity to meet directly with suppliers and communicate this message was invaluable. The Global Sources suppliers we met at the event reflected this quality consciousness that's so important to our business. We will continue to utilize Global Sources as one method to locate suppliers for the Tractor Supply stores," said Alford.
Tractor Supply Reports Q1 Loss
4.24.08 Tractor Supply Company has reported first quarter net sales increased 2.9 percent to $576.2 million from $559.8 million in the prior year's first quarter. Same-store sales decreased 6.5 percent for the quarter.Net loss for the quarter was $1.2 million, compared to net income of $5.0 million, in the first quarter of the prior year.
The full press release is here.
Lumber Liquidators to Release Q1 Results April 29
4.16.08 Lumber Liquidators, Inc., (NYSE: LL), the largest specialty retailer of hardwood flooring in the U.S., and one of the few bright spots in the home improvement sector this year on the stock market after having gone public late last year, has announced that it intends to release first quarter 2008 results on Tuesday, April 29, 2008.The Company plans to host a conference call and audio webcast on that day at 10:00 a.m. Eastern Time. The conference may be accessed by dialing (800) 762-8779. The live conference call and replay can also be accessed via audio webcast at the Investor Relations section of the Company's website:
www.lumberliquidators.com.
Fastenal Q1 Sales +16%
4.11.08 Fastenal Company today reported net sales for the first quarter ended March 31, 2008 increased 15.8 percent to $566.2 million. Net earnings for the period increased 26 percent to $68.1 million from $54.0 million in the year-ago period.The company opened 53 new stores during the quarter, bringing their total to 2,213.
The full financial report is here.
Praktiker 2007 Sales +25%
4.11.08 In fiscal year 2007, the Praktiker Group “generated the highest sales and the best operating result so far in its 30-year history.”“Net sales of the Group were up 24.8 percent to 3.945 billion euros ($6.225 billion). Earnings before interest, taxes and amortization (EBITA) – before the conditions set by the Federal Cartel Office for the approval of the Max Bahr acquisition – came in at 125.8 million euros. Growth was driven by the takeover of Max Bahr effective on 1 February 2007 and a strongly expanding international business,” according to a press release.
The full report is here.
Walmex Profits +11% in Q1
4.9.08 Wal-Mart de Mexico (Walmex) yesterday reported net income in the first quarter rose 11 percent to 3.26 billion pesos ($308 million) from 2.94 billion pesos in the year-ago period.Net sales in the period increased 14 percent to 57 billion pesos ($5.4 billion).
Target Names EVP Merch.
4.8.08 Broadline retailer Target Inc. said yesterday it has named Kathee Tesija as executive vice president of merchandising, effective May 1.Tesija, 45, has served as senior vice president of merchandising for the baby, beauty, commodities, electronics, entertainment, health and wellness, pharmacy, sporting goods and toys divisions.
Kingfisher Names Chief Executive of UK Division
4.2.08 Kingfisher plc, Europe's leading international home improvement retailer, today announced the appointment of Euan Sutherland as Chief Executive of its UK Division, which comprises B&Q in the UK and Ireland, Screwfix and Trade Depot. Mr Sutherland, 39, is currently Chief Executive of AS Watson Health and Beauty UK, owner of the Superdrug and Savers retail businesses. He will take up his role in the next few months.Canada’s BMR Group Adding Hardware Retailers
3.28.08 Yves Gagnon, president and chief executive officer of Groupe BMR Inc., yesterday in a press release announced the inauguration of a new banner specializing in hardware products."This new banner will allow us to widen our network of retailers and to occupy an important niche in both rural and urban areas. This strategic initiative could not be more timely, as in just one month it has attracted a dozen new retailers to our group. It is interesting to note that our newcomers have joined us from Ontario and Atlantic Canada as much as from Québec,” said Yves Gagnon.
Founded in 1967, BMR is a group of merchants who together operate some 170 home improvement centers and hardware stores throughout Quebec, Ontario, Nova Scotia, New Brunswick and Prince Edward Island. Annual retail sales for the BMR group are estimated at about 1.2 billion Canadian dollars.
Williams Sonoma Predicts “Challenging” 2008
3.27.08 Williams-Sonoma, Inc. today announced a financial guidance for fiscal year 2008, the 52 weeks ending February 1, 2009, with comparisons to fiscal year 2007; a 53-week year ended February 3, 2008.
Net revenues in fiscal year 2008 are expected to be in the range of $3.793 billion to $3.877 billion - a decrease of (3.9%) to (1.7%) versus net revenues of $3.945 billion for the 53 weeks ended February 3, 2008. On a comparable 52-week to 52-week basis, net revenues are expected to change in the range of (2.0%) to (0.2%).
Howard Lester, Chairman and Chief Executive Officer, commented, "As we look forward to 2008, we believe we will be operating in one of the most challenging macro-economic environments we have seen in many years. Accordingly, we are approaching 2008 with a high level of caution and a view to preserve flexibility in our business plans, which is reflected in today's guidance."
Kingfisher Reports 2007 Sales +8%, Profit Down on Charges
3.27.08 Kingfisher plc this morning reported preliminary results for the fiscal year ended February 2, 2008.Total retail sales for the year increased 7.9 percent to 9.364 billion British pounds from 8.676 billion British pounds in the prior year. Same-store sales for the year increased 2.6 percent. Retail profit for the year fell 1.2 percent to 498 million British pounds from 504 million pounds in the prior fiscal year.
The world’s third-largest home improvement retailer reported sales in the UK up 5 percent, sales outside the UK up 11 percent and exceptionally strong sales in Poland of plus 31 percent. B&Q China is being restructured, resulting in charges totaling 33 million pounds between fiscal 2007 and 2009.
The full financial report is here.
Sherwin-Williams Cuts Outlook to Reflect Lower Sales
3.24.08 Sherwin-Williams today cut its first-quarter and full- year earnings targets to reflect lower sales in the U.S. coupled with higher raw-material costs.The company said it now expects to report first-quarter earnings of 56 cents to 61 cents a share, compared to a prior target range of 72 cents to 80 cents a share set in late January when the company reported financial results for the fourth quarter of 2007.
Sherwin-Williams also revised its full-year profit outlook to $4.70 to $4.85 a share, down from the January forecast of $5 to $5.15 a share.
The full report is here.
Homebase Sales Down 1.6%
3.20.08 Home Retail Group, parent company of the U.K.’s Homebase home improvement chain, reports total sales for the fiscal year ended March 1, 2008 at the chain declined 1.6 percent to £1.569 billion. Same-store sales for the year fell 4.1 percent. A complete year-end report will be available April 30, 2008.The full press release is here.
Lumber Liquidators Wants to Floor the U.K.
3.19.08 Lumber Liquidators has begun a program to offer exotic hardwoods to customers in the U.K. with free shipping through May 31, 2008.As part of the marketing effort, Lumber Liquidators is showing many of its hardwood flooring options, which include the popular Bellawood brand, at the Daily Mail Ideal Home Show from March 14 to April 6, 2008 in Earls Court, London.
"We are known throughout the U.S. for having the widest variety and selection of hardwood floors at the best prices," said Tom Sullivan, founder and chairman of Lumber Liquidators. "With the American dollar at an historic low and our free shipping offer through May 31, 2008, the value is remarkable for U.K. customers."
Lumber Liquidators will ship its flooring to a U.K. warehouse from the United States. Once an order has been placed, customers will be sent shipping status updates on a weekly basis via e-mail and will receive their flooring in four to five weeks, according to a press release.
Lumber Liquidators Reports 4Q and Full Year 2007 Results
3.12.08 Lumber Liquidators, Inc. today announced financial results for the fourth quarter and year ended December 31, 2007.Net sales increased $20.7 million, or 24.4%, to $105.5 million in the fourth quarter of 2007 from $84.8 million in the fourth quarter of 2006. Comparable store sales increased 8.6% for the quarter on top of an increase of 12.2% for the prior year period. The Company opened five stores in the fourth quarter, achieving its plan of 25 new store openings in 2007.
Net income was $3.1 million in the fourth quarter of 2007 compared to $1.6 million in the year-ago period.
Net sales increased $73.2 million, or 22.1%, to $405.3 million in 2007 from $332.1 million in 2006. Comparable store sales increased 8.6% for the full year on top of an increase of 17.3% for the prior year.
Net income in 2007 was $11.3 million, or $0.48 per diluted share, compared with net income in 2006 of $12.9 million, or $0.56 per diluted share.
On November 9, 2007, the Company completed its initial public offering of 3,800,000 shares of common stock at a price of $11.00 per share, receiving approximately $36.2 million of net proceeds, of which $6.6 million was immediately used to repay outstanding debt.
The full financial report is here.
Carrefour 2007 Sales +7%
3.6.08 Carrefour today announced fiscal 2007 net sales increased 6.8 percent to euro 82.148 billion from euro 76.887 billion in 2006. Net Group income for the year increased 1.4 percent to euro 2.299 billion.The full financial report, with breakdowns by activity and country, is here.
Restoration Hardware Posts Statement on Merger
2.28.08 Restoration Hardware, Inc. has announced the expiration of the "go-shop" period conducted by a committee of independent directors concerning a possible merger with Catterton Partners or Sears Holdings and has posted the following notice on the investor relations page of its website:
“During the ‘go-shop’ period, Restoration Hardware was permitted to initiate, solicit and encourage alternative proposals until February 28, 2008. Despite numerous efforts to engage with Sears Holdings during the go shop process, Sears Holdings did not submit a proposal until the final day. After several discussions with representatives of Sears Holdings concerning the terms of the proposal, the independent committee determined that the current Sears Holdings proposal was not reasonably likely to result in a superior proposal under the terms of the Agreement and Plan of Merger because, among other considerations, the proposal was subject to significant uncertainties compared to the Agreement and Plan of Merger.”
“With the expiration of the "go-shop" period, Restoration Hardware is continuing to work with Catterton Partners to complete the merger in a timely manner, subject to satisfaction of the conditions set forth in the Agreement and Plan of Merger.”
The full press release is here.
Tractor Supply Increases Credit Line by $100 Million
2.28.08 Tractor Supply Company today announced that it has exercised the $100 million increase option in its existing senior revolving credit facility, thereby increasing the aggregate amount from $250 million to $350 million.Jim Wright, Chairman, President and Chief Executive Officer, stated, "As we continue to execute our long-term growth strategy, this increased capacity provides us with greater financial flexibility and enhances our ability to manage our capital effectively. Given current market conditions, we consider the full participation of our lenders to be a strong indication of their continued confidence in our financial strength and business opportunities."
The full press release is here.
Kingfisher 4Q Sales +5%
2.27.08 Kingfisher plc, Europe’s largest home improvement retailing group, has reported total sales for the fourth fiscal quarter ended February 2, 2008 of 2.180 billion British pounds ($4.34 billion). That is an increase of 4.6 percent from the year-ago period.Sales fell 5.1 percent in the UK, rose 14.1 percent in France, rose 27 percent in the rest of Europe and fell 7.5 percent in Asia.
The full report is here.
Target 4Q Earnings Down 8%
2.27.08 Target Corporation has reported net earnings of $1.028 billion for the fourth quarter ended February 2, 2008, a thirteen-week period, down 8 percent from $1.119 billion in the fourth quarter ended February 3, 2007, a fourteen-week period.For the full fiscal year 2007, a 52-week period, net earnings were $2.849 billion, compared with $2.787 billion in fiscal 2006, a 53-week period. Total revenues for the year increased 6.5 percent to $63.367 billion from $59.490 billion in 2006.
The full financial report is here.
RONA 2007 Sales Up 7%
2.22.08 RONA inc., the largest Canadian retailer and distributor of hardware, renovation and gardening products, has announced 2007 total sales of C$4.8 billion, an increase of 7.1 percent on a comparable basis (average weekly sales, to adjust for the additional week in 2006). The year’s operating income stood at C$400.2 million, up 6.3 percent on a comparable basis. Net earnings were C$185.1 million, down 2.9 percent from 2006.RONA to Invest $20 Million in Reno-Depot Renovations
2.15.08 RONA, Canada’s largest retailer and distributor of hardware, home renovation and gardening products, has announced that it will invest $20 million to renovate all stores operating under its Réno-Dépôt banner.RONA press releases are here.
Lumber Liquidators to Announce Results
2.14.08 Newly public Lumber Liquidators, Inc. has announced that it intends to release fourth quarter and full year 2007 results as well as a full year 2008 guidance on Wednesday, March 12, 2008.Canadian Tire Sales Up 3%
2.8.08 Canadian Tire Corp. reports 2007 total retail sales increased 3.3 percent to C$10.1 billion. Net earnings for the year increased 17.8 percent to C$417.6 million.In the fourth quarter of the year, sales increased 3.1 percent to C$3.0 billion and net income grew 15.5 percent to C$125.1 million.
The full financial report is here.
Lumber Liquidators Chairman Sells Shares
2.8.08 The chairman of Lumber Liquidators Inc., a specialty retailer of hardwood flooring that went public in November, sold 34,000 shares of common stock, according to a Securities and Exchange Commission filing this week.In a Form 4 filed with the SEC, Thomas D. Sullivan reported he sold the shares for $8.99 to $9.76 apiece.
The SEC document is here.
Central Garden Income Down 51% as Sales Increase 3%
2.8.08 Central Garden & Pet Company today announced fourth quarter and full year results for its fiscal year ended September 29, 2007.For the fourth quarter, the company reported net sales of $401 million, a decline of $20 million or 5 percent from $421 million in the comparable 2006 period. The net loss for the quarter was $1.7 million, compared to net income of $6.0 million in the year ago period.
Net sales for the Garden Products segment were $180 million, a decrease of $4 million or 2 percent compared to the fourth quarter of fiscal 2006. Garden branded products sales increased approximately $3 million or 2 percent while sales of other manufacturers' products declined 23 percent.
Net sales for fiscal year 2007 were $1.67 billion, an increase of 3 percent from $1.62 billion in fiscal 2006. Net income for the year decreased 51 percent to $32.3 million from $65.5 million in the prior year.
The full financial report is here.
Sherwin-Williams Sales +2.5%
2.4.08 The Sherwin-Williams Company has reported 2007 net sales increased 2.5 percent to $8.01 billion from $7.81 billion in 2006. Net income for the year increased 6 percent to $615.6 million from $576.1 million in the prior year.In the fourth quarter, sales increased 3.3 percent to $1.85 billion from $1.79 billion in the year-ago period. Income for the quarter increased 2.1 percent to $100.8 million from last year’s $98.7 million.
The Paint Stores Group 2007 sales increased 2.3 percent to $4.96 billion from the prior year’s $4.84 billion. Profit in the Paint Stores Group increased 6 percent to $766.5 million from $719.9 million in 2006. The full report is here.
84 Lumber Sales Down 21%
2.1.08 Building materials supply company, 84 Lumber, has reported 2007 total sales declined 21 percent to $3.1 billion from $3.92 billion in 2006. The private company did not release earnings information.84 Lumber operates around 455 stores and component plants serving primarily professional builders and contractors.
Tractor Supply Reports 2007 Sales Increased 14%
1.31.08 Tractor Supply Company, the country’s largest chain of retail farm and ranch stores, last night released results for the 2007 fourth quarter and full year.In the fourth quarter, net sales increased 14.8 percent to $723.3 million from $629.9 million in the year-ago period. Same-store sales in the quarter increased 3.8 percent.
Net income for the quarter was $30.0 million, up slightly from $29.5 million a year ago.
For fiscal 2007, net sales increased 14.1 percent to $2.70 billion, compared with $2.37 billion in 2006. Same-store sales for the year increased 3.4 percent.
Net income for the year was $96.2 million, compared to $91.0 million in 2996.
The full financial report is here.
Restoration Hardware Amends Merger Agreement
1.25.08 Restoration Hardware, Inc. has announced that it has entered into an amendment to its previously announced merger agreement with certain affiliates of Catterton Partners.
“Under the terms of the amended merger agreement, all of the outstanding shares of Restoration Hardware, other than those exchanged by certain stockholders participating with Catterton Partners in the transaction, will be acquired for a price per share equal to $4.50 in cash. The $4.50 per share cash consideration represents a 68 percent premium to the closing price of Restoration Hardware common stock on November 7, 2007, the last trading day prior to the initial announcement of the original merger agreement. The total equity value of the transaction is approximately $179 million. The amendment also extends the outside termination date for the merger agreement from April 30, 2008 to June 30, 2008 and changes the definition of material adverse effect to increase the likelihood that the transaction will close if the Company experiences weakness in its operating results.”
“Additionally, in connection with the execution of the amendment, Catterton Partners, through its affiliates, has provided a $25 million subordinated loan to Restoration Hardware for working capital purposes. This loan is not contingent on the closing of the acquisition and has been funded.”
The full press release is here.
Kingfisher Names CEO
1.25.08 Kingfisher today announced the appointment of Ian Cheshire as Group Chief Executive effective January 28, 2008. This follows the announcement on November 1, 2007 that Gerry Murphy will stand down from the position after five years as Group Chief Executive.Kingfisher plc is Europe's leading home improvement retail group and the third largest in the world, with nearly 760 stores in 9 countries in Europe and Asia. Its main retail brands are B&Q, Castorama, Brico Dépôt and Screwfix. Kingfisher also has a 21 percent interest in Hornbach, Germany's leading large format DIY retailer, with over 120 stores in Germany and eight other European countries.
The full press release is here.
Carrefour 2007 Sales +7%
1.24.08 Carrefour this morning reported that total Group sales for 2007 increased 7 percent to €92.272 billion ($134.878 billion). The world’s second largest retailer also predicted 2008 sales will increase by 6 to 8 percent.The full press release is here.
Tractor Supply to Webcast 2007 Results Next Week
1.23.08 Tractor Supply Company will release its fourth quarter 2007 results after the market closes on Wednesday, January 30, 2008. In conjunction with this release, the management of Tractor Supply Company will host a conference call, which will be simultaneously webcast live over the Internet.Fastenal Profits Up 17%
1.22.08 The Fastenal Company this morning reported net sales for the year ended December 31, 2007 totaled $2.062 billion, an increase of 14.0 percent over net sales of $1.809 billion in 2006. Net earnings increased from $199.034 million in 2006 to $232.622 million in 2007, an increase of 16.9 percent.Net sales for the three-month period ended December 31, 2007 totaled $519.206 million, an increase of 15.7 percent over net sales of $448.729 million in the fourth quarter of 2006. Net earnings increased from $45.570 million in the fourth quarter of 2006 to $56.191 million in the fourth quarter of 2007, an increase of 23.3 percent.
During 2007, Fastenal opened 161 new sites (Fastenal opened 245 new sites in 2006). These 161 new sites represent an increase in stores since December 31, 2006 of 8.1 percent. There were 2,000 sites on December 31, 2006.
The full financial report is here:
RONA Buys Distributor
1.18.08 RONA, the leading Canadian distributor and retailer of hardware, home renovation and gardening products, has acquired the operating assets of Best-MAR Plumbing and Heating Supplies Inc. The transaction is expected to close in the first quarter of 2008 and will be financed through RONA’s existing credit facilities.The full press release is here.
Fastenal to Announce Results
1.17.08 Fastenal Company has announced that the Company's conference call to review 2007 annual and fourth quarter 2007 results, as well as current operations, will be broadcast live over the Internet on Tuesday, January 22, 2008 at 9:00 a.m. Central Time.To access the call, visit:
http://investor.fastenal.com/
Williams-Sonoma Sales +4%
1.16.08 Williams-Sonoma, Inc. has announced that net revenues for the 9-week holiday period ended December 30, 2007 increased 4.4 percent to $1.021 billion versus the comparable 9-week holiday period ended December 31, 2006. Same-store sales fell 0.4 percent for the period.
The full financial report is here.
Tractor Supply Adds
E-Commerce Expert to Board
1.15.08 Tractor Supply Company today announced that William Bass has been appointed to the Company's board of directors.Mr. Bass co-founded and currently serves as chief executive officer for Fair Indigo, a direct response apparel retailer. Prior to that, he held several management positions with Sears and was responsible for leading the e- commerce initiatives for Sears Customer Direct and Lands' End Inc., where he grew landsend.com from $60 million in annual sales to more than $550 million.
The full press release is here.
Restoration Hardware Holiday Sales Declined 1%
1.14.08 Restoration Hardware, Inc. has announced sales results for the nine-week holiday period ended January 5, 2008. Net revenue was $171.5 million versus $173.2 million in the year-ago period. This reflects a decline of 1 percent in the 2007 Holiday selling season compared to a 22 percent increase in the 2006 season.
The full press release is here:
Target December Sales Flat
1.11.08 Target Corporation yesterday reported that its net retail sales for the five weeks ended January 5, 2008 increased 0.1 percent to $9.262 billion from $9.254 billion for the five-week period ended December 30, 2006. On a reported basis, comparable-store sales decreased 5.0 percent. On a calendar-adjusted basis, comparing the five-weeks ended January 5, 2008 to the five-weeks ended January 6, 2007, comparable-store sales increased 0.6 percent.
"Our December sales were in line with the mid-month update provided on December 24," said Bob Ulrich, chairman and chief executive officer. "As a result, we continue to believe that fourth quarter earnings per share will not meet last year's performance."
Ulrich to Retire as Target CEO
1.10.08 Target
Corporation's board of directors announced yesterday that Bob Ulrich,
chief executive officer and chairman of the board, will retire as CEO
effective May 1, 2008. Gregg Steinhafel, president, was named to
succeed Ulrich as chief executive officer. Ulrich, who turns 65 in
April, will remain as chairman through the end of fiscal 2008.The full press release is here.
BB&B Posts 11% Sales Increase in Third Quarter
1.4.08 Bed Bath & Beyond has reported net sales for the third fiscal quarter ended December 1, 2007 increased 10.8 percent to $1.795 billion, versus $1.619 billion in the year-ago period. Net earnings for the period fell to $138.2 million, compared with $142.4 million in the year-ago period. Same-store sales in the quarter increased 0.8 percent.Kingfisher Sells Taiwan Stores
12.17.07 Kingfisher plc this morning announced an agreement to sell its 50 percent joint venture stake in B&Q Taiwan to its joint venture partner, Test Rite International, for $106.5 million.The venture was Kingfisher’s first entry into Asia in 1996 and since then has grown into a 21-store chain in the country.
While the company has labeled the venture a success, it “now offers only limited opportunities for future market share growth,” said Kingfisher Chairman Peter Jackson.
The full press release is here.
TSCO Makes Presentation
12.13.07 Tractor Supply Company this week participated in the Wedbush Morgan Securities Conference. Tony Crudele, Chief Financial Officer and Randy Guiler, Director of Investor Relations, attended the conference. A webcast of the company's 40-minute presentation will be available on the Company's website at TractorSupply.com for 30 days.The link to the presentation is here.
Costco Sales Up 12%
12.13.07 Costco Wholesale Corporation announced today its net sales for the first quarter of fiscal 2008 increased 12 percent to $15.47 billion from $13.85 billion during the first quarter of fiscal 2007. Same-store sales increased 8 percent.Net income for the first quarter increased 11 percent to $262 million from $237 million in the first quarter of fiscal 2007.
The full financial report is here.
Sears, Restoration Sign Confidentiality Agreement
12.10.07 Sears Holdings Corp. and Restoration Hardware Inc. today said that they have entered into a confidentiality agreement whereby Sears will have access to confidential financial information concerning Restoration Hardware for the purpose of Sears evaluating a possible binding proposal to acquire Restoration Hardware.Restoration Hardware’s SEC filings on the matter are here.
Restoration Hardware Reports Third Quarter Loss of $15.2M
12.10.07 Restoration Hardware today reported a net loss for the third fiscal quarter ended November 3, 2007 of $15.2 million, compared with a loss of $5.7 million in the year-ago period.
The retailer, which is in merger negotiations with both Sears Holdings and Catterton Partners, reported an 11 percent revenue gain for the quarter to $173.7 million from last year’s $157.1 million.
The full financial press release is here.
RONA Creates New Pro Division, Names Head
12.3.07 RONA Inc., the largest Canadian retailer and distributor of hardware, home renovation and gardening products, has announced that Michael Storfer will head up its new division dedicated to the commercial and professional market.Mr. Storfer joined RONA as president of plumbing specialist Noble Trade when the company was acquired earlier this year. In his new role, he will have overall responsibility for the Noble Trade banner and building materials specialist chains Curtis Lumber, Matériaux Coupal and Dick’s Lumber (once the transaction closes in the next few days), as well as RONA’s existing commercial and institutional sales team.
The full press release, with details of further management appointments, is here:.
Kingfisher 3Q Sales +7%
11.29.07 Kingfisher plc, Europe’s largest home improvement retail group, today reported third quarter sales increased 7.4 percent to £2.409 billion ($5.007 billion). Retail profit for the quarter declined 0.8 percent to £171.7 million ($356.9 million).The full financial report with detail by division (B&Q, Screwfix, Castorama, Brico Depot, etc) is here.
Sears Continues Pursuit of Restoration Hardware
11.2.07 True Value Company has reported revenue of $478.5 million for the quarter ending September 29, 2007, a decrease of 3.9 percent or $19.4 million from $497.9 million for the same period a year ago. The cooperative posted a quarterly net margin of $12.0 million, a decrease of 34.4 percent or $6.3 million versus $18.3 million one year ago.
10.18.07 Chapman Capital L.L.C., investment advisor to two investment funds that together comprise the largest reported ownership block of Building Materials Holding Corporation (BMHC), today announced via a press release that it has demanded the voluntary resignation of BMHC Chairman and CEO Robert E. Mellor. The investment firm subsequently is seeking the immediate replacement of Mr. Mellor by BMC West President Stanley M. Wilson.
10.15.07 The Lumber Yard, a building materials supplier operating in five Mid-Atlantic states, last week announced details of The Lumber Yard XL, a new business model slated for immediate implementation.
9.12.07 Home Retail Group, parent company of Britain’s Homebase retail chain, today reported sales at the unit declined by 6.2 percent to 391 million pounds ($794 million). Same-store sales for the quarter declined 8 percent.