American Woodmark Q1 net sales rise
Winchester, Va.-based American Woodmark posted first-quarter net income excluding restructuring charges of $1.0 million, compared with a net loss of $2.7 million in the first quarter of its prior fiscal year.
Results in the first quarter included net-of-tax restructuring costs of $0.5 million, related to the permanent closure of two manufacturing plants in April 2012 and May 2012. Net income for the first quarter of fiscal year 2013 inclusive of these charges was $0.6 million.
Net sales in the first quarter ended July 31 totaled $148.25 million, up 13% from $131.20 million in the prior-year quarter. The company experienced sales gains of more than 40% in its new construction business, while its remodeling sales were in line with the prior year’s first quarter.
American Woodmark manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets.
Lowe’s sells Long Island site to Target
Lowe’s pullback on its expansion on Long Island, N.Y., provided an opportunity for Target, which purchased an 18-acre site in Huntington Station from the home improvement retailer, according to a report in the Long Island Business News.
Target paid approximately $22.5 million, according to a town source, for the property Lowe’s purchased in 2007 for $35 million. The North Carolina retailer, which spent another $8 million in improvements to the site, decided not to build a 130,000-sq.-ft. store there in October 2011, according to the article. At the time, Lowe’s closed 20 underperforming stores and canceled a number of other projects.
The Huntington Station store will be Target’s 13th location on Long Island.
Williams-Sonoma Q2 profit up 10%; to open four stores in Australia
Williams-Sonoma said its second-quarter net income rose 10%, fueled by double-digit sales growth at its Pottery Barn and West Elm stores. The results beat analysts’ expectations, and the company also raised its profit and sales predictions for the full year.
For the quarter ended July 29, Williams-Sonoma earned $43.4 million, up from $39.3 million in the same period last year.
Revenue rose 7% to $874.3 million, from $814.8 million last year. Same-store sales increased 7.4%, with an 11.7% increase at Pottery Barn and a 15.6% jump at West Elm. But the company’s namesake stores saw same-store sales dip 0.4%.
Similar to many retailers, Williams-Sonoma said it is cautious about its prospects for the second half of the year, given the continued economic uncertainty.
In other news, Williams-Sonoma said it plans to open four stores in Sydney, Australia, early next year. All of its store brands will be represented: Williams-Sonoma, Pottery Barn, Pottery Barn Kids and West Elm. They will be the first company-operated locations outside of North America.