Earnings season reflects a comeback
During the unofficial earnings season for home improvement on Wall Street — companies tracked by HCN produced a decidedly positive stream of earnings reports.
Of 30 companies tracked from July 9 (WD-40) to Aug. 22 (Sears), five companies showed losses, six were in the black but also showed a decline, and a full 16 showed year-over-year growth in the double-digit percentages, including a gaudy 182% increase at LED lighting manufacturer CREE.
Among the double-digit gainers were the world’s largest and second largest home improvement retailers. The Atlanta-based Home Depot’s company’s earnings call produced an exchange that might rank as one of the most obvious A’s in a financial Q&A in a long time.
Analyst: “Can you handle a 20% increase in comps?”
Home Depot executive VP merchandising Craig Menear: “We certainly would like to give it a shot.”
Generally, the talk during upbeat conference calls expounded upon the recovery. “Home improvement demand was strong during the quarter,” said Lowe’s CEO Robert Niblock.
Still, the earnings season wasn’t all runaway growth. Builders FirstSource, BlueLinx, PlyGem, RONA and Sears posted net losses for the second quarter.
Todd Holder to oversee Jacksonville division at KB Home
Citing growth in the Northeast Florida region, KB Home has bumped Todd Holder up from executive VP to president of the homebuilder’s Jacksonville division.
Holder, who has more than 20 years of homebuilding experience, will be responsible for all of KB Home’s operations in Northeast Florida, including land acquisition, construction, sales and customer service.
“We are pleased to have Todd, a natural born leader and ardent supporter of our Built to Order business model, take the helm of our Jacksonville division,” said Vince DePorre, regional president for KB Home. “With his breadth of experience and deep knowledge of the market, we are confident that he can lead our business to further capitalize on the long-term growth opportunities in this area.”
Previously under Holder’s watch, the division embarked on a number of growth initiatives that led to the implementation of its Built to Order homes in 10 local communities.
In the past, Holder was a managing partner at Holder Johnson Homes in Jacksonville and held leadership positions at Lennar Homes and Beazer Homes in the Jacksonville region.
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