Arrow fires up with Remington
Remington Arms Company, a leading U.S. firearms and ammunitions manufacturer, introduces the Remington T55R target tacker and 505R staples, developed in partnership with Arrow Fastener Company, the creator of the classic T50 stapler.
“The Remington branded stapler and staples offer an excellent opportunity for repeat sales and add-on purchases,” the company said in a press release.
The Remington-branded product features steel construction, hardened steel working parts and a jam resistant mechanism. It is designed for an easy squeeze double leverage operation and features a visual staple refill window.
The Remington T55R is designed for fastening targets at the range or in the field, hunting blind construction, securing netting and camouflage as well as general household repairs.
Confident Valspar raises guidance for the year
Valspar announced its third-quarter earnings on Tuesday, posting double-digit sales growth that warranted an increase in the company’s fiscal 2014 sales growth guidance.
Net sales of $1.20 billion for the quarter represented a 10.5% year-over-year increase.
The company reported net income of $97.83 million, up from $93.81 in the same quarter last year.
“Our diverse business portfolio continues to deliver strong results, as sales increased 10% and adjusted EPS increased 13% in the third quarter,” said Gary Hendrickson, chairman and CEO. “These results were driven by the successful integration of acquisitions; strong performance from China and Europe; improved sales and profitability in our Coatings segment; benefits of new growth initiatives; investments in innovative products; and the positive impact of productivity initiatives.”
Hendrickson added that the Coatings segment experienced growth across the board, with the strongest momentum in the General Industrial product line.
Valspar now expects approximately 9% growth for the year, up from its previous guidance of 7% to 9%. Its 2014 annual diluted EPS guidance now stands at $4.05 to $4.15, up from the previous range of $3.95 to $4.15.
Kmart names a new president
Kmart has a new president and chief member officer in Alasdair James, who will be leaving his job as Tesco’s commercial director, global business.
In his new role, James will be charged with driving the Kmart format strategy, managing the Kmart P&L and aligning merchandise, marketing, pricing and selling for Shop Your Way members.
"Alasdair will work closely with me and our business unit leaders to understand the preferences of Shop Your Way members who shop at Kmart," said Edward Lampert, Sears Holdings chairman and CEO. "He will be responsible for the Kmart strategy, its performance and its continued transformation as an integrated retail format."
James had been working for Tesco since 2007, during which time he spent two years managing the company’s China operations as EVP and commercial director. His resume also includes stints with GlaxoSmithKline and PepsiCo.