Central Garden & Pet names new president, CEO
Central Garden & Pet has announced that John Ranelli has been named president and CEO, effective at the company’s annual shareholder meeting on Feb. 11, 2013. Ranelli has been a member of the board of directors of Central Garden & Pet and a member of the board’s audit committee since 2010. He will remain on Central’s Board.
Bill Brown, Central’s chairman and CEO, will continue as chairman.
"Over the last two years, John has become a leader on our board and a trusted partner," Brown said. "His close to 40 years of experience in building consumer products companies will be invaluable as we position Central for the next phase of growth and continue our transition to an integrated branded consumer products company."
Ranelli has served as CEO of Mikasa Inc., a global dinnerware, crystal and home accessories company; of FGX International (FosterGrant), a global optical company; and, most recently, of Woolrich Inc., an outdoor clothing company. He has served as an adviser to companies and private equity firms since leaving Mikasa Inc. when it was sold in 2008. Previously, he served in senior executive capacities with The Timberland Co., Stride Rite, Deckers Outdoor and TLC Beatrice. He has served on the boards of GNC, Deckers Outdoor Corp, Party City and Woolrich. Ranelli will continue to serve on the Woolrich board as non-executive chairman.
Remodeling Market Index rises in Q4
The Remodeling Market Index (RMI) reached 55 in the fourth quarter of 2012, up five points from the previous quarter, according to the National Association of Home Builders (NAHB). This is the highest reading since the first quarter 2004.
“Remodelers are optimistic about the outlook for slow and steady market growth in the new year,” said 2013 NAHB Remodelers Chairman Bill Shaw, GMR, GMB, CGP, a remodeler from Houston. “Professional remodelers reported more work from large and small projects as well as overall home repair.”
An RMI above 50 indicates that more remodelers report market activity is higher (compared with the prior quarter) than report it is lower. The overall RMI averages ratings of current remodeling activity with indicators of future remodeling activity.
Future market indicators increased from 49 in the previous quarter to 56. Current market conditions rose from 52 to 54. Remodelers indicated that activity was particularly strong in owner-occupied properties.
The RMI was above 50 in all four regions of the country. The RMI in the Northeast surged 24 points, due to the start of remodeling work related to Superstorm Sandy damage.
Fastenal reports sales and earnings gains
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Winona, Minn.-based Fastenal posted fourth-quarter net sales of $757.2 million, up 8.5% from the same three months in the prior year. Earnings for the quarter were up 12.9% to $98.72 million.
“The sales growth was consistent throughout our business,” said Willard D. Oberton, CEO. He added that the pace of growth has slowed somewhat.
For the full year of 2102, the company’s sales increased 13.3% to $3.13 billion. Net earnings for the year were $420.5 million, up 17.5% from the 2011 period.
The company opened 80 new stores in 2012, increasing its footprint to 2,652 locations as of Dec. 31.