Hardware Stores

Lowe's has announced a restructuring in both in-store operations and merchandising organizations that will thin the ranks of its management and consolidate both its regions and divisions.

Lowe's merchants have been reorganized into two product divisions, each led by a senior VP/general merchandising manager. Both will report to executive VP merchandising Robert Gfeller Jr. 

Troy Dally, previously SVP/GMM hardlines/building products, will lead the new building and outdoor products division.

Home Depot and Lowe’s may receive a 1% bump to their third-quarter results as a result of Hurricane Irene sales, according to an analysis provided by MarketWatch. 

A variety of retail analysts weighed in on the question of whether Irene would help or hurt retail sales, given that many stores were forced to close when evacuation orders came. But the overall consensus was that before-and-after hurricane sales will benefit home improvement retailers, while negatively impacting department stores, specialty stores and any retailer relying on back-to-school sales.

In a second-quarter earnings season characterized by weather-depressed sales figures, Oak Brook, Ill.-based Ace Hardware Corp. managed to show a gain in revenues.

For the three months ended July 2, Ace saw revenues increase 0.5% to $1.021 billion. For the six-month period, sales increased 1.6% over the same two quarters in 2010.

BOUCHERVILLE, Quebec — Rona, the largest Canadian distributor and retailer of hardware, renovation and gardening products, has announced the appointment of Dominique Boies to the position of EVP and CFO.   Boies will be a member of Rona's management committee, reporting directly to Robert Dutton, president and CEO.

ATLANTA — Sales increased 4.2% at The Home Depot, the company reported Tuesday morning.

The Atlanta-based company posted $20.2 billion in sales for the period. The company's net earnings for the quarter were $1.4 billion, compared with net earnings of $1.2 billion in the same period of fiscal 2010. 

Encouraged by the growth, the world's largest home improvement retailer raised its fiscal 2011 diluted earnings-per-share guidance to an expectation of $2.34 for the year, up 16%.

MOORESVILLE, N.C. — Lowe’s reported sales of $14.5 billion in the second quarter ended July 29, up 1.3% from the same period a year ago.

Comparable-store sales increased 0.3% in the second quarter. The company posted earnings for the quarter of $830 million, down just slightly from $832 million in the same quarter last year.

ACE Hardware CFO and EVP Dorvin Lively is leaving the Oak Brook, Ill.-based hardware co-op to  pursue other interests.

Lively joined Ace about three years ago and was promoted to EVP in January 2011. On an interim basis, Lori Bossmann will oversee the finance department, while the co-op searches for a new CFO.

Lively was a professional accounting fellow at the Financial Accounting Standards Board in the early 1990s. He later became a senior VP and corporate controller at Toys “R” Us before moving on to Maidenform Brands, and then to Ace Hardware in 2008.

MOORESVILLE, N.C. — Lowe’s has announced the promotion of M. Lee Reeves to SVP, deputy general counsel and assistant secretary. Reeves will continue to report to Gaither Keener, EVP, general counsel, secretary and chief compliance officer.

In his new role, Reeves’ responsibilities include leading the corporate transactions, intellectual property and information technology legal teams.

Reeves joined Lowe’s in 2004 as senior counsel, after serving as a member of a private law firm.