Home Channel News NewsFax articles from October 2007

Home Channel News NewsFax archives from October 2007

84 Lumber to open four new locations.(IN BRIEF)
October 29, 2007... 84 Lumber has announced that it will be opening four new locations, as well as a component manufacturing facility, on Nov. 27. West Jordan, Utah, will pay host to both an 84 lumber building materials supply yard as well as a truss and panel...

Paslode Industrial changes name.(IN BRIEF)
October 29, 2007... Paslode Industrial will be changing its name to ITW Industrial Fasteners. The Elgin, Ill.-based manufacturer is a subsidiary company of Illinois Tool Works and manufactures both the Paslode and Duo-Fast brands. "Our new organizational name...

Stanley board names new member.(IN BRIEF)
October 29, 2007... New Britain, Conn.-based Stanley Works has named Carlos Cardoso, president and CEO of metal products company Kennametal, to its board of directors. Cardoso, 49, joined Kennametal in 2003 as chief operating officer prior to being promoted to...

Weyerhaeuser adopts new board rules.(IN BRIEF)
October 29, 2007... Weyerhaeuser has announced changes to the voting structure for its board of directors. The new amendment obliges board nominees who do not receive a majority of votes in uncontested elections to submit his or her resignation to the board....

Retailers respond to SoCal fires.(NEWSMAKERS)
October 29, 2007... SAN DIEGO -- As wild fires burned through Southern California, lumberyards and hardware stores in affected areas remained open for business. There have been no reports of lumberyards or hardware stores destroyed by the fires, although...

True Value presents new store format.(NEWSMAKERS)(TruServ Corp.)(Brief article)
October 29, 2007... ATLANTA -- True Value got a head start on its 2007 fall market with a media preview tour, showing the company's newest store format at the Georgia World Congress Center. Under the header "Destination True Value," executives joined members of...

Construction begins on Lowe's first Vt. store.(NEWSMAKERS)
October 29, 2007... Lowe's has its sights set on two approximately 120,000-square-foot new stores in Vermont, a move that would mark the retailer's entrance into its 50th U.S. state. Construction has begun on a Burlington, Vt., store, which is slated to include...

Builders FirstSource reports loss.(FINANCIAL NEWS)(Financial report)(Brief article)
October 29, 2007... Builders FirstSource reported sales of $414 million for the third quarter of 2007, a decline of 27.4 percent over revenues of $570 million from the same period a year ago. The industry's sixth largest pro dealer posted a net loss of $11.5...

BMHC sales down 24 percent.(FINANCIAL NEWS)
October 29, 2007... Building Materials Holding Corp. (BMHC) has reported $618 million in third-quarter sales, a drop of 24 percent from $818 million in the same quarter last year. The industry's fourth largest pro dealer posted $4.2 million in net income from...

Sherwin-Williams sales, earnings up in Q3.(FINANCIAL NEWS)(Financial report)(Brief article)
October 29, 2007... Sherwin-Williams recorded total net earnings of $200.3 million, up 11.8 percent from $179.1 million last year. The paint and coatings giant had sales of $2.2 billion in the quarter, up 4.8 percent from $2.1 billion last year. Net earnings in...

Black & Decker sales up, earnings down.(FINANCIAL NEWS)(Financial report)
October 29, 2007... Towson, Md.-based Black & Decker reported net earnings for the third quarter ended Sept. 30 of $104.6 million, down from $125.1 million for the same quarter last year, a 16 percent loss. Net sales for the quarter were $1.63 billion, up 1.5...

September home sales: existing-home sales down, new home sales up.(INDUSTRY NEWS)
October 29, 2007... According to the National Association of Realtors (NAR), September existing-home sales fell 8 percent month-over-month to a seasonally adjusted annual rate of 5.04 million units, compared with a downwardly revised 5.48 million-unit pace in...

Neumann Homes to enter Chapter 11.(INDUSTRY NEWS)
October 29, 2007... Neumann Homes, a production home builder active in the Chicago, Denver and Detroit markets, has closed its offices and laid off most of its workers. In a prepared statement, CEO Kenneth Neumann announced that the downturn in the housing...

Stock watch.(INDUSTRY NEWS)(Statistical table)(Brief article)
October 29, 2007... STOCK WATCH Company 10/26 10/19 % Chg. % Chg. Close Close in Week Yr. Ago Andersons 49.97 48.92 2.15 30.85 Bed Bath & Beyond 33.52 33.16...

84 Lumber closes Minnesota stores.(IN BRIEF)
October 22, 2007... Citing a dearth of building activity in the St. Paul and Minneapolis region, 84 Lumber closed its two locations in that metro area. Employees were informed on Oct. 17, said Jeff Nobers, vp-corporate communications. "Building activity is...

Wal-Mart looks to enter Malaysia.(IN BRIEF)
October 22, 2007... Wal-Mart has applied to open stores in Malaysia, five months after the Southeast Asian country announced it was easing restrictions on foreign "hypermarkets." According to news reports, Malaysia's deputy trade minister S. Veerasingam said...

Home Depot vp Frazer moves to Borders.(IN BRIEF)
October 22, 2007... Anne Frazer, former vp-inventory planning and replenishment for Home Depot, has been named vp-merchandise planning, replenishment and allocation for book retailer Borders effective Oct. 15. Frazer served as vp-inventory planning and...

Canadian retailing in the spotlight.(NEWSMAKERS)
October 22, 2007... TORONTO -- A distinguished cast of Canadian hardlines retailers participated in seminars at the 12th Annual Hardlines Conference last week, held in conjunction with the National Hardware Show Canada. RONA CEO Robert Dutton said the...

Home Depot marketing chief resigns.(NEWSMAKERS)
October 22, 2007... Home Depot chief marketing officer Roger Adams is leaving the company "to explore other opportunities," according to company CEO Frank Blake. Adams oversaw numerous marketing initiatives in his time with the retailer, including the...

Green building laws shot down in Calif.(NEWSMAKERS)
October 22, 2007... In a vote of support for the lumber industry in California, Gov. Arnold Schwarzenegger vetoed three legislative bills on Oct. 14, saying they went too far in their effort to promote sustainable building practices. Schwarzenegger opposed...

Bombay Company to close U.S. stores.(INTERNATIONAL NEWS)
October 22, 2007... Home decor retailer Bombay Company has been sold at auction in a deal that would see all the company's U.S. assets liquidated, with operations continuing only in Canada. Financial terms of the deal were not disclosed. Retail investment...

Centex: $1 billion in charges in Q2.(INTERNATIONAL NEWS)
October 22, 2007... National home builder Centex has warned of an impending second-quarter charge of $1 billion, primarily in land value writedowns, following a three-month period of falling home sales combined with lower land values. Of the approximately $1...

UFP earnings down, sales up.(INTERNATIONAL NEWS)
October 22, 2007... In the face of a lackluster housing market, Grand Rapids, Mich.-based Universal Forest Products saw third-quarter earnings decrease 36 percent to $11.3 million compared with earnings of $17.7 million last year. Sales rose 0.9 percent to...

Housing starts fall again.(INDUSTRY NEWS)
October 22, 2007... Statistics released last week by the U.S. Commerce Department showed housing starts dropped 10 percent last month, to an annual rate of 1.19 million compared with 1.33 million in August. This was the slowest pace of new residential...

Builder confidence hits all-time low.(INDUSTRY NEWS)
October 22, 2007... The builder confidence index, released by the National Association of Home Builders (NAHB) and Wells Fargo, fell two points to 18 last month, its lowest level since the index first was released in 1985. The index gauges builder...

Stock watch.(INDUSTRY NEWS)(Statistical table)(Brief article)
October 22, 2007... STOCK WATCH 10/19 10/12 % Chg. % Chg. Company Close Close in Week Yr. Ago Andersons 48.92 47.39 3.23 28.37 Bed Bath & Beyond 33.16 35.06...

Sears investor buys bigger stake.(IN BRIEF)
October 15, 2007... William Ackman, owner of hedge fund Pershing Square Capital, announced last week that he now owns a 5 million-share stake in Sears Holdings, approximately 3.5 percent of the company's outstanding shares. In its second quarter, Sears Holdings...

Flooring America launches 'Shop at Home'.(IN BRIEF)
October 15, 2007... Flooring America and Flooring Canada, two of the carpet and flooring retail divisions of CCA Global Partners, have launched a new "Shop at Home" service with the aim of better meeting what the company called "booming demand" from customers,...

Do it Best market runs through Oct. 16.(IN BRIEF)(Brief article)
October 15, 2007... Do it Best kicked off its fall market Oct. 13, to run through Oct. 16, at the Indiana Convention Center in Indianapolis. This year's fall market includes the sixth year of the "Power Preview," featuring 25 outdoor power equipment vendors that...

Wolf Organization plans major changes.(NEWSMAKERS)
October 15, 2007... Wolf Organization announced a restructuring plan for its subsidiary, "The Lumber Yard," a pro dealer serving five Mid-Atlantic States. Wolf will expand its operations in several strategic locations, but also will close nine units elsewhere....

Q3 earnings up 14.9 percent at Fastenal.(NEWSMAKERS)(Financial report)
October 15, 2007... Winona, Minn.-based Fastenal, the fastener and construction materials retailer, had third-quarter earnings of $62.1 million, up 14.9 percent from earnings of $62.1 million in the same quarter last year. The company said third-quarter...

Ferguson to open Florida showroom.(NEWSMAKERS)
October 15, 2007... Newport News, Va.-based plumbing supply distributor Ferguson announced it will be opening a new showroom in Melbourne, Fla. The 10,000-square-foot showroom will feature a gallery displaying new and trendy kitchen and bath products...

National Hardware Show Canada kicks off.(INTERNATIONAL NEWS)(Conference news)
October 15, 2007... The National Hardware Show Canada kicks off this week in Toronto, at a time when the Canadian home building market is showing strength, and competition among home improvement retailers is heating up. The show will take place Oct. 16 and 17 at...

Three convicted on IKEA bribes.(INTERNATIONAL NEWS)
October 15, 2007... A former supplier to Swedish retailer IKEA has been convicted on 18 counts of corruption for admitting he paid 1.4 million pounds (US$2.7 million) for purchasing deals with the retailer. Through a group of five companies, Adam Hauxwell-Smith...

Netherlands firm continues in bid for ICI.(INTERNATIONAL NEWS)
October 15, 2007... The ongoing takeover quest of ICI Paints by Netherlands-based coatings giant Akzo Nobel will continue into November, when both companies hold discussions with shareholders about the proposed buyout deal. ICI, with a corporate parent based in...

Retailers release September sales figures.(INDUSTRY NEWS)
October 15, 2007... Major retailers released sales figures for the month of September, with a particularly strong showing from membership warehouse club Costco. * Bentonville, Ark.-based Wal-Mart reported comparable-store sales rose 1.4 percent, including a...

HIRI explores time issues, term 'green'.(INDUSTRY NEWS)
October 15, 2007... Presentations at the Home Improvement Research Institute's (HIRI's) fall conference held last week in Chicago touched on some of the contradictions in the business of tracking consumer trends. Consumers are time-starved, but they are...

Stock watch.(Statistical table)(Brief article)
October 15, 2007... Company 10/12 10/5 % Chg. in % Chg. Close Close Week Yr. Ago Andersons 47.39 47.53 (0.29) 32.19 Bed Bath & Beyond 35.06 36.06 ...

Sears brings back 'Wish Book'.(Sears, Roebuck and Co.)(Brief article)
October 8, 2007... Sears will be releasing its first holiday "Wish Book" catalog in 14 years, part of a previously announced initiative to make a nostalgic appeal to the retailer's core customers. The "Wish Book" is a full-line holiday catalog designed to...

Bombay Company secures financing.
October 8, 2007... Bombay Company has obtained debtor-in-possession (DIP) financing for $115 million, following an earlier bankruptcy filing with the U.S. bankruptcy court in Fort Worth, Texas. The troubled specialty home decor retailer will receive DIP...

U. S . Concrete buys Architectural Precast.
October 8, 2007... Houston-based building products company U.S. Concrete has acquired Architectural Precast, a designer and manufacturer of architectural and structural precast concrete products. Terms of the deal were not disclosed. Middleburg, Pa.-based...

Home Depot rolls out 'Design Center'.(NEWSMAKERS)
October 8, 2007... Home Depot is readying two stores on opposite coasts for a test market of the Home Depot Design Center, a store concept geared towards residential consumers with a focus on women. The stores, in Charlotte, N.C., and Concord, Calif., open...

Wal-Mart surpasses CFL goal.(NEWSMAKERS)
October 8, 2007... Bentonville, Ark.-based Wal-Mart Stores has surpassed its goal of selling 100 million compact fluorescent light bulbs (CFLs) by the end of 2007. The company said the five states with the highest sales of CFLs were Texas, Florida,...

Target faces lawsuit over web site.(IN BRIEF)(Website overview)
October 8, 2007... Big-box retailer Target faces a class action lawsuit over its Web site, which plaintiffs in the action say is essentially unusable for the blind. The plaintiffs have argued the retailer's Web site violates the Americans with Disabilities Act....

Benjamin Moore to expand DC in Pell City.(IN BRIEF)
October 8, 2007... Paint maker Benjamin Moore will expand its distribution facility in Pell City, Ala. The company is planning a 100,000-square-foot addition to its 128,000-square-foot warehouse in the city, with construction of the first phase expected to be...

Bain Capital OK'd to buy American Standard.(IN BRIEF)
October 8, 2007... Investment firm Bain Capital Partners has received a green light in its buyout of the bath and kitchen products business of American Standard. The investment firm purchased the American Standard assets for $1.76 billion. The purchase was...

Whirlpool plans 100-year Maytag bash.(IN BRIEF)
October 8, 2007... Maytag will host a 100th "birthday party" event this month at Chicago's Museum of Science and Industry, featuring a consumer laundry exhibit, Maytag antiques and other historical items on display. As part of the event, which is free and open...

Conrad to leave NLBMDA.(INDUSTRY NEWS)(Shawn Conrad quits National Lumber and Building Materials Dealers Association )(Brief article)
October 8, 2007... Shawn Conrad, president of the National Lumber and Building Materials Dealers Association (NLBMDA), has left the organization just prior to the start of its annual convention. NLBMDA chairman Steve Kelly told HCN that Conrad departed "to...

Mortgage woes hamper home sales.(INDUSTRY NEWS)
October 8, 2007... Pending sales of existing homes will be dampened near term as mortgage disruptions continue to impact the housing market, the National Association of Realtors has said. The Pending Home Sales Index, a forward-looking indicator, fell 6.5...

Stock watch.(INDUSTRY NEWS)(Statistical table)(Brief article)
October 8, 2007... STOCK WATCH Company 10/5 9/28 % Chg. % Chg. Close Close in Week Yr. Ago Andersons 47.53 48.02 (1.02) 37.21 Bed Bath & Beyond 36.06 34.12...

BMHC sells three Colorado yards.(IN BRIEF)
October 1, 2007... BMC West, a division of BMHC, has announced the sale of three lumberyards in western Colorado to Harbert Lumber, a pro dealer based in Grand Junction, Colo. The sale price was $11.4 million, including $9.6 million in cash and $1.8 million in...

Pro-Build purchases Alpine Lumber.(IN BRIEF)
October 1, 2007... Pro-Build Holdings has announced the purchase of Alpine Lumber Supply, a pro dealer serving the Coeur d'Alene, Idaho, market from two locations, in Sandpoint and Post Falls. The terms of the deal have not been disclosed. Founded in 1978,...

H.G. Page & Sons buys Dill's best.(IN BRIEF)(Brief article)
October 1, 2007... Dill's Best, a chain of lumberyards in New York's Dutchess County, has signed a purchase agreement with H.G. Page & Sons. The family-owned business, founded in 1985, has locations in LaGrange, Pawling and Amenia. The company's sales were...

Ace discusses growth, accounting.(NEWSMAKERS)
October 1, 2007... An estimated 7,500 Ace Hardware store owners, managers and employees gathered in Denver for the company's 2007 Ace Fall Convention & Exhibits. Ace CEO and president Ray Griffith, as well as other executives, pointed to a focus on growth and...

Lowe's plans to build 135 to 145 new stores.(NEWSMAKERS)
October 1, 2007... At its annual analyst and investor conference in Charlotte, N.C., Lowe's made few predictions about when the housing crisis will end but told those gathered that it will continue to shore up sales programs and forge ahead with expansion...

Wolseley year-end income down.(FINANCIAL NEWS)(Financial report)(Brief article)
October 1, 2007... Wolseley, the British parent of Stock Building Supply, saw its yearly pre-tax net income fall 17.6 percent, to 634 million pounds (US$1.3 billion) from 769 million pounds (US$1.55 billion), primarily because of lower demand in its U.S....

Bed Bath & Beyond sales up 9.9 percent.(FINANCIAL NEWS)(Financial report)
October 1, 2007... Bed Bath & Beyond reported second-quarter financial results, showing net earnings rose a little more than 1 percent to $147 million from $145.5 million last year. The results included a one-time tax benefit of $5.8 million. The company had...

KB Home records $35.6 million in losses.(FINANCIAL NEWS)
October 1, 2007... Los Angeles-based KB Home was hit with a tough third quarter, showing $35.6 million in net losses compared with earnings of $153 million in last year's second quarter. Sales dropped 32 percent to $1.54 billion from $2.28 billion in the...

NAR: existing-home sales drop.(INDUSTRY NEWS)(National Association of Realtors)(Brief article)(Statistical data)
October 1, 2007... Existing-home sales--including homes, condos and co-ops--fell in August for the sixth straight month to a seasonally adjusted annual rate of 5.5 million units in August from a level of 5.75 million in July, a drop of 4.3 percent. That rate is...

Wal-Mart to measure suppliers' energy use.(INDUSTRY NEWS)
October 1, 2007... Wal-Mart Stores has announced a plan to measure energy used by its suppliers in seven product categories: vacuum cleaners, soap, DVDs, toothpaste, milk, soda and beer. The company is partnering with the non-profit group Carbon Disclosure...

Stock watch.(INDUSTRY NEWS)(Statistical table)(Brief article)
October 1, 2007... STOCK WATCH 9/28 9/21 % Chg. % Chg. Company Close Close in Week Yr. Ago Andersons 48.02 48.20 (0.37) 46.45 Bed Bath & Beyond 34.12 33.43 ...