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Do it Best owner receives British royal title

BY HBSDEALER Staff

David Kelly, owner of Kelly’s Home Centre in Nassau, Bahamas, has been honored with the title of Commander of the Order of the British Empire (C.B.E.) as part of Her Majesty Queen Elizabeth II’s annual birthday honors, the Do it Best co-op announced.

Kelly is being recognized for exemplary services to the Bahamas and for national development in the field of business/Bahamian retail industry and sports. Kelly’s Home Centre, which is celebrating its 80-year anniversary this year, has been a member of Do it Best since 2001.

In addition, Kelly’s Home Centre received the Lifetime Achievement Award from the Bahamas Chamber of Commerce in July.

In 1992, Kelly received the Commonwealth of The Bahamas Silver Jubilee Award in recognition of his contribution to national development in the field of business. He has made contributions to many charitable and civic organizations, notably to the College of The Bahamas Scholarships, the Cancer Care Centre, St. Anne’s Church and The Bahamas National Trust.

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RONA sees a 7 percent decline in net income

BY HBSDEALER Staff

Boucherville, Quebec-based retailer RONA, one of Canada’s largest retailers of building materials and home improvement items, saw net income drop 7 percent to C$80.1 million (US$75.2 million) from C$86.2 million in the year-ago period.

Consolidated sales increased slightly to C$1.473 billion from C$1.469 billion in the same period last year. Same-store sales fell 4.4 percent.

New acquisitions contributed heavily to sales, the company said, noting that consolidated net sales would have declined by 2.9 percent if not for the contributions of those companies: Noble Trade, Dick’s Lumber, Centre de Renovation Andre Lessard and Best-MAR. Rona also said it is boosting promotions and service to attract customers.

“Sales generated by new stores opened in the last 12 months could not compensate for the decline in same-store sales, which decreased by 5.8 percent in the first half of 2008, excluding the 0.5 percent decline in the price of forest products,” the company said.

The company said a large part of its strategy will be to continue recruiting independent dealers. The retailer announced 12 new franchisees yesterday and said it has added 21 independent dealers so far this year.

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Valspar sees dip in third-quarter earnings

BY HBSDEALER Staff

Paint and coatings giant Valspar, which sells an exclusive line of interior and exterior paints in Lowe’s stores, saw net earnings drop 23.8 percent from the year-ago quarter, to $47 million from $58.2 million in the same period last year. Sales rose 7.1 percent to $957.7 million from $893.5 million in the prior-year period.

“Results for the quarter were in line with our expectations,” said William Mansfield, Valspar chairman and CEO. “Strong results from our international businesses, new business and pricing helped to partially offset the impact of substantially higher raw material costs and the weak U.S. economy.”

Looking ahead, the company anticipates ongoing pressure on raw material costs and continued weakness in the U.S. economy.

“We remain focused on improving our competitive position,” said Mansfield. “We are moving forward with restructuring actions to further improve the efficiency of our business, implementing additional price increases and continuing to invest in our brands.”

Valspar is based in Minneapolis.

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