In Canada, RONA Q3 sales slip
Canadian retailer and distributor RONA reported third quarter revenues from continuing operations of $1.17 billion, down 4.3% from the same quarter last year.
The decrease stems from $18.2 million in lost sales due to store closures over the last 12 months and a 2.4% decrease in same-store sales, the company said.
Market conditions remained relatively unfavorable during the quarter, highlighted by a sharp drop in single-family housing starts in Canada, in particular in Quebec, where it declined by 31% during the quarter. The company noted that it earns close to 50% of its revenues in Quebec.
The company also highlighted $63 million in annualized cost-savings. The savings "has allowed us to quickly roll out measures that will have an ongoing impact on RONA’s financial performance. I am especially proud of the fact that we have reduced our inventory by a total of $114 million," said Robert Sawyer, president and CEO of RONA.
The company reported adjusted net income of $30.0 million compared to $33.5 million in the same period of 2012.
From Andersen, a website for Home Depot customers
Andersen Windows launched a website, andersenhomedepot.com, for the Home Depot. The company says the site offers visualization capabilities that make it easier for customers to select Andersen windows sold through the retailer.
“The website was first launched in May 2013 and now gives The Home Depot customers the ability to easily design a window using all the exterior options offered across multiple product lines,” said Steve Mog, VP and general manager of The Home Depot Group for Andersen.
In addition, customers can order Andersen color and finish samples, allowing homeowners to see and feel the quality, finish and materials of the products. Samples are shipped directly to the consumer’s home.
The new Design Your Window tool allows consumers to design and view windows using a variety of exterior colors, trim styles and grille patterns. Customers can add house siding in a variety of colors and styles — including lap siding, shakes and stucco — to see what the window combination could look like in their homes.
Essex Rental Corp. CEO Ronald Schad resigns
Essex Rental Corp., a provider of rental and distribution for cranes and lifting equipment, has announced the resignation of its president and CEO, Ronald Schad.
“I am pleased with the accomplishments of Essex Rental Corp.," said Schad. "I am especially proud to have worked with our dedicated employees who are focused on serving our customers and building value for our shareholders. As a public company with a tremendous foundation of people and assets, we are uniquely positioned to grow our company’s offering to our customers. It is with this in mind that I have decided it is an opportune time for me to consider my next steps and professional future. I see great upside for this company, and believe that the time is right for a new CEO to build upon the strategies we have developed to drive our growth opportunities.”
Schad has been at the helm of the company since 2000, overseeing significant growth for Essex in the North American construction industry. Previously, he also worked for the Manitowoc Crane Group for 15 years, most recently as EVP and general manager, and Reynolds Electrical and Engineering Co.
The Board of Directors is currently working to find a replacement. In the meantime, Schad will remain in his current role, and he will continue to serve on the company’s Board as a significant stockholder of the company.