SAN JOSE, Calif.–(BUSINESS WIRE)–Orchard Supply Hardware, a leading regional home improvement retailer operating 89 full-service home and garden stores in California, announced today that it has appointed Mark Baker as its President and Chief Executive Officer. As previously announced last December, the company undertook a thorough search process and selected Mr. Baker based on his […]
Bill Lennie was named the new president for Home Depot Canada. He will be replacing Aaron Carmack who is on an extended leave of absence to deal with a personal matter. Lennie was previously the company’s senior VP of merchandising, international and sourcing where he was responsible for various operations including environmental innovation.
Costco Reports Net Sales Increases for Q2 2011
Costco has posted a net sales increase of 11% for the 3-month period ending February 13, 2011. Final sales numbers reached USD 20.45 billion. Other second quarter results for the company included:
– A five percent increase in comparable sales in the US and a 12% increase internationally – giving a total (comps) sale increase of seven percent.
– Without including the financial effects of gasoline inflation and stronger foreign currencies, comps for Costco posted an increase of three percent domestically and eight percent internationally, tallying an overall total increase of four percent.
– Net income increased to USD 348 million; a significant financial jump of 16.4%.
– Mexico sales contributed to a three percent total Q2 increase for Costco. The company has a 50% owned joint business venture with the Latin American country that commenced on a prospective basis during the company’s 2011 fiscal year.
As of early March of this year, Costco operated a total of 581 stores (424 in the US and Puerto Rico, 80 in Canada, 22 in the UK, seven in Korea, six in Taiwan, nine in Japan, one in Australia, 32 in Mexico). Costco is planning to open either 15 or 16 new locations by the end of the fiscal year. These warehouses will include one relocation and one re-opening.
Lowe’s issued a bleak earnings forecast after being outperformed by rival Home Depot in same store sales. First quarter earnings for the home improvement chain were down 4 cents from the original analyst estimate of 38 cents. The comparably poorer results to that of Home Depot are mainly attributed to a loss of market share in the appliances division.
Home improvement retail giant, Lowe’s, finished off the fourth quarter strong with a significant sales increase, reaching the $285 million mark. Full year gains were up 12.7%, coming in at $2 billion. The company expects continued sales growth for fiscal 2011. The extra week of the year should help sales achieve a 5% increase.
Costco Wholesale has posted higher same-store sales than originally predicted – causing the company to buy back its own stock and raise its dividend. Its aggressive overseas expansion has left the company unable to fund its own growth without issuing additional shares. The financial forecast for the retailer looks extremely impressive. Analysts are predicting a continued upsurge in the company’s growth.
In order to kick off the spring holiday shopping season, The Home Depot will be hiring more than 60,000 new employees. Titled Spring Black Friday, the home improvement conglomerate will be lowering prices during four different weekends in spring. The new seasonal associates will begin training during the months of February and March.
The Home Depot is planning a marketing bonanza to attract more female shoppers by replacing underperforming products with Martha Stewart merchandise. Martha will be working closely with the company’s executives to persuade female shoppers to take on a more active role in home improvement projects. According to Gordon Erickson, the senior VP of merchandising and décor, the retail conglomerate has always been perceived as “male oriented”, although 50% of its customers are women. Through design themes created by Martha Stewart, Home Depot hopes to eliminate the misled perception that the company only caters to men.
a stellar 42-year career working for one of the largest home improvement corporations in the country, Larry Stone has decided to step down as Lowe’s president and chief operating officer. Mr. Stone will be staying on board until June 2 to help the company through a smooth transition. Most of his colleagues and peers in the industry credit him for positioning the company as one of the most successful home-improvement retailers.
At the top of a sweeping list of recent executive changes, Lowe’s Companies has appointed a new e-commerce chief. William (Doug) Robinson will be replacing Steven M. Stone, who had previously been the company’s chief information officer. Mr. Robinson’s new senior vice president responsibilities include overseeing customer support services. Lowes.com is ranked No. 81 in the Internet Retailer Top 500 Guide.