Hardware Retailing

APR 2018

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

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Page 85 of 90

April 2018 | HARDWARE RETAILING 81 Orgill Inc. Announces Passing of Former President, Chairman Orgill Inc. has announced the passing of its former president and chairman, Joseph "Joe" Orgill III. He died on March 12 after a brief illness. TheRedT.com/joe-orgill Revenues, Same-Store Sales Up for Ace Hardware Ace Hardware Corp. released its fourth-quarter and year-end financial results for 2017, showing revenues of $1.3 billion, a 6.8 percent increase over the same period in 2016. TheRedT.com/ace-q4-2017 PRO Group and VAL-TEST Announce Alliance The partnership is "designed to leverage both groups' strengths to deliver superior value to member wholesale distributors, suppliers and the retailers they serve," PRO Group says in a press release. TheRedT.com/paint-alliance Lowe's Financial Results Reveal $68B in 2017 Sales Lowe's recorded $15.5 billion in sales in the fourth quarter of 2017, down nearly 2 percent from 2016 levels. Comparable store sales increased 4.1 percent, the company says. TheRedT.com/lowes-q4-2017 Industry Veteran, Past NRHA President Dies at Age 91 Jerome "Jerry" Lochner, former owner of multiple Ace Hardware stores, died in February at age 91. Lochner owned Ace Hardware in Sauk City, Wisconsin, for more than 60 years. TheRedT.com/lochner-ace Home Depot to Sell Tesla Solar Panels, Batteries The Home Depot will sell Tesla solar panels and batteries in 800 retail locations, Bloomberg reports. TheRedT.com/hd-tesla Orgill Customers Enjoy Orlando Dealer Market Retailers from all over the world gathered Feb. 22-24 in Orlando, Florida, for Orgill's Spring Dealer Market, where they looked for great buys, found new products and learned about Orgill's services and programs. TheRedT.com/orgill-orlando Home Depot Sees Sales and Earnings Increase in 2017 The company reported $23.9 billion in sales for 2017's fourth quarter, a 7.5 percent increase from fourth-quarter 2016. Sales for all of 2017 were $100.9 billion, increasing 6.7 percent above 2016, according to the company. TheRedT.com/homedepot-q4-2017 Home Remodeling Spending to Increase in 2018 Homeowners are expected to spend nearly $340 billion on residential repairs and renovations in 2018, according to recent data from the Joint Center for Housing Studies of Harvard University. TheRedT.com/remodeling-spending True Value Spring Reunion Showcases Marketing Tools and Retail Independence Independent retailers gathered in Washington, D.C., to discover new products, attend educational sessions, learn about marketing opportunities and network with industry peers at the True Value Spring Reunion. TheRedT.com/tv-reunion-2018 Sears Layoffs Hit Corporate Workers Sears recently laid off more than 200 corporate workers as part of "ongoing restructuring." The latest layoffs of about 220 people are primarily at the company's Illinois headquarters, according to the Chicago Tribune. TheRedT.com/sears-layoffs CANADA Ace Canada's Bill Morrison Discusses Growth Bill Morrison, head of the Ace Canada program for Lowe's Canada, continues his goal to create 500 Ace dealers within five years. TIMBER MART Strengthens Commercial Arm Located in the community of Parksville, British Columbia, Central Construction Materials Ltd. has served contractors and builders since 2004 with a variety of building materials. A new TIMBER MART member, the company sits on a three-acre property, and has a 17,000-square-foot storage yard. It also employs 17 full-time staff. Peavey Completes Buyout of TSC Stores Peavey Industries, which operates Peavey Mart and MainStreet Hardware, has completed its acquisition of TSC Stores one year sooner than anticipated. TSC had been in the hands of Toronto equity company, Birch Hill Equity Partners since 2005. With the finalization of the acquisition, Peavey has purchased all remaining shares of TSC that had been held by Birch Hill. Canadian Tire VP: Vendors Can Work on E-Commerce Canadian Tire has reduced its vendor base by 7 percent. The retailer also added 400 new vendors. Vice president of business development Mike Magennis stresses the importance of existing supplier relations, saying more than half of all the company's vendors have been dealing with Canadian Tire for 20 years or more. For the full story of these briefs, visit hardlines.ca/hardwareretailing.

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