Depot’s Blake responds to tornado destruction
Responding to what he described as one of the most destructive spring-weather spells in history, Home Depot CEO Frank Blake said the retailer is helping communities recover.
The Home Depot Foundation is donating $250,000 to the American Red Cross for immediate relief needs in response to last week’s tornadoes and storms that caused serious damage throughout the Southeast.
"This spring has seen an extraordinary spate of storms and tornadoes that have devastated many parts of the country, and at this early stage of the season, it’s likely to be one of the worst springs in history in terms of storm damage and destruction," Blake said. "We are a part of these communities, and it is our responsibility to help — not only with the needs today, but as these communities start rebuilding."
The Home Depot Foundation, the philanthropic arm of The Home Depot, also created a $1 million weather impact fund to aid relief, recovery and rebuilding efforts in response to the recent storms — and in expectation of continuing violent storms throughout the spring season.
Throughout the month, the foundation has been responding with donations to nonprofits that are assisting communities affected by recent severe weather in St. Louis, southern Illinois, Wisconsin and Iowa. Future funding will be deployed to local stores, communities and nonprofits as needed.
In addition to funding, Team Depot, the company’s associate-led volunteer force, has been mobilized locally to help with relief and recovery efforts.
In addition to today’s announcement, The Home Depot is also a member of the American Red Cross Annual Disaster Giving Program (ADGP), and makes an annual $500,000 contribution to the ADGP. Separately, The Homer Fund, a charity for The Home Depot associates in need of emergency financial assistance, has begun helping associates and their families affected by these storms.
Lowe’s creates credit card incentive
Customers paying with their Lowe’s Consumer Credit Card receive an immediate discount of 5% on in-stock and special order purchases bought in stores or online at lowes.com, Lowe’s said.
Customers with single-receipt purchases of $299 or more can choose between the 5% discount or special financing currently advertised.
Some fine print applies to the deal, described by the retailer as a "new, simple way to save every day." The special financing and 5% discount can’t be combined. The offer isn’t valid on previous sales, purchases of services or gift cards and can’t be used in conjunction with any coupon, military discount, employee discount or Lowe’s low price guarantee.
The Lowe’s Consumer Credit Card is issued by GE Money Bank.
Newell Rubbermaid Q1 earnings up 23%
With its international business leading the way, Atlanta-based Newell Rubbermaid announced first quarter sales of $1.303 billion, down slightly from $1.306 billion in the same quarter last year.
Net income for the quarter was $75.7 million, up 23.4% from $58.4 million in the year-ago quarter.
With these numbers, Mark Ketchum, president and CEO said the year was off to a good start. “We remain confident in our ability to meet our full year guidance of 4% to 5% core sales growth, gross margin expansion of 50 to 75 basis points and normalized EPS growth of 10% to 12%," he said. "Our international businesses led the way, building on already strong momentum, with core sales growth of almost 5%. Developing markets, where we have substantially increased our focus and investment, grew double digits in the first quarter.”
Special mention was given to Irwin’s GrooveLock Pliers, which showed strong momentum, Ketchum said. At Lenox, an innovative hole saw with a slotted design for easy plug removal is expected to boost sales in the second quarter.
Other Newell Rubbermaid brands include Sharpie, Graco, Levolor and Paper Mate.