Design Within Reach swings to profitability
Design Within Reach, the San Francisco-based specialty home decor retailer, recorded earnings of $2.33 million in the third quarter, swinging from a loss last year of $1.25 million.
Net sales were $49.03 million, up 11.6 percent from $43.95 million in the same period last year.
“We are pleased to announce that the third quarter marked a return to profitability for Design Within Reach, and that our continued efforts to improve margins and manage expenses have begun to show a positive return,” said Ray Brunner, CEO of Design Within Reach.
“In a quarter characterized by challenging industry trends, our strong sales performance validates the market demand for well designed products,” he said.
While the company saw in-store sales rise 16 percent, direct sales via the company’s Web site and by phone declined 3 percent.
Design Within Reach operates 65 retail locations in the United States and one outlet store in Secaucus, N.J.
Stock Building Supply makes further acquisitions
Wolseley, through its United States-based subsidiary Stock Building Supply, has acquired new businesses in several pro service areas in the United States.
Most recently, Stock acquired the assets of KBC Construction, a turnkey framer and wall panel manufacturer based in Albuquerque, N.M. Terms of the deal were not disclosed, but KBC had revenue of $16.6 million last year, with assets of $2.9 million.
“This acquisition complements Stock’s existing businesses in the Albuquerque area, enabling it to provide a complete range of added value services to its customers,” Wolseley said in a statement.
Additional acquisitions recently announced by Wolseley include:
• The acquisition of Architectural Building Supply, a fabricator, distributor and installer of doors, hardware and access control devices for commercial and industrial markets, by Stock Building Supply. The company, which has operations in Utah and Idaho, had revenue of $36 million with assets of $9 million in 2006.
• The acquisition of Jacobi Hardware, based in Wilmington, N.C., by Stock Building Supply. Jacobi also is a fabricator, distributor and installer of doors, hardware and access control devices for commercial and industrial markets. The company had revenue of $3.3 million last year and assets of $400,000.
• The acquisition of Pagosa Springs, Colo.-based J.D.’s Wholesale Plumbing & Supply by Ferguson, another pro dealer subsidiary of Wolseley. J.D.’s Wholesale had revenue of $700,000 last year, with assets of $500,000.
Canfor closes panel and fiber mill
Canfor, the Vancouver-based forest products supplier, has announced it is permanently closing a panel and fiber mill located in New Westminster, B.C., effective Jan. 8, 2008, after fiber inventories were used and mill equipment decommissioned.
The mill employs 126 people and makes specialty products, including hardboard panels, erosion control wood mulch and baled fiber.
Canfor has interests in 33 facilities in B.C., Alberta, Quebec, Washington state, and North and South Carolina. It produces softwood lumber in Canada and oriented strand board (OSB), plywood, remanufactured lumber products and specialized wood products.