Hardware Stores

At analyst and investor conference, the retailer says it will expand its home improvement reach.   Lowe’s CEO Robert Niblock kicked off his presentation at the chain’s analyst and investor conference with the phrase: “To help people love where they live.”  

An LED upgrade has added to Rosenberg True Value Hardware’s to bottom line profitably.     The retailer, who operates two True Value stores in Michigan (in the towns of White Cloud and Grant), switched out the existing T8 fluorescent lamps in the stores in favor of 18-watt, 2200 lumen, 4000K, four-ft. T8 LED linear tubes (from EarthTronics, Muskegon, Michigan).   

Ace Hardware Corporation reported a sales miss in the third quarter -- even if the co-op wasn't expecting to match its impressive results in the prior-year quarter.   “The third quarter of last year was the best in company history, with revenues up 13.2% and net income up 45.3%,” said John Venhuizen, president and CEO. “As a result, our expectation for the third quarter of this year was modest sales growth and lower net income. We whiffed on sales, but exceeded our net income budget for our domestic business."

Sales were up in the third quarter, but Lowe’s Companies’ financial performance impressed neither its investors nor its CEO.   The home improvement retailer’s net income dropped dramatically, owing to $462 million non-cash pre-tax charges. Net income declined to $379 million, compared to $736 million in the same quarter last year.  

The Home Depot on Tuesday reported sales and earnings for its third quarter that exceeded forecasts.    The world’s largest home improvement retailer posted a double-digit increase in earnings during the quarter, which it characterized as a balanced across-the-board period of growth.    Net sales jumped 6.1% to $23.2 billion, compared to $21.8 billion in the same quarter last year.   Comparable-store sales in the U.S. increased 5.9%. 

Tools and storage giant Black & Decker is reportedly among the suitors interested in purchasing Sears’ Craftsman line of tools, Bloomberg reported.   Sears announced plans in May that it would consider options for its Craftsman, Kenmore and DieHard brands.   

Patton Square Shopping Center in Woodruff, South Carolina, has been acquired by Pro Vest Properties for $7.3 million dollars. SRS Real Estate partners brokered the deal for the seller, an affiliate of Chen Development.

“Patton Square is a solid grocery-anchored neighborhood center with minimal competition in the market,” said Pierce Mayson, VP for SRS’ Southeast Investment Sales Team. “With a long-term anchor lease and very solid sales numbers, this asset is an excellent purchase for the buyer.”

Sears Holding Corp. is hoping to capitalize on the upswing in home improvement projects.   The retailer announced it is bringing back paint and related accessories to its stores under three different brands: Craftsman, Weatherbeater and Easy Living. It’s the first time the Craftsman brand will be extended to the paint category.        Sears will test the new offerings in 23 stores nationwide before a chainwide rollout.