Home channel stocks feel the pain
Wall Street continued to dominate the news wires yesterday as the Dow Jones Industrial Average sank almost 450 points, or 4.06 percent. The home channel certainly felt some of the financial pain. Shares of Home Depot and Lowe’s both dropped more than 7 percent in value on the day.
Among other major movers in the home channel yesterday, Louisiana-Pacific shares declined $1.13, or 10.98 percent, to $9.16; and Scotts Miracle-Gro declined $2, or 6.96 percent, to $26.75.
Only two of 20 home channel stocks tracked by Home Channel News showed gains. Simpson Manufacturing increased 78 cents to $28.55, up 2.81 percent, and Builders FirstSource gained slightly.
Home Depot to slash prices
Home Depot will start cutting prices this week on as many as 1,200 items — from trash bags to toilets — as it kicks off its latest effort to boost sales in a down economy, the Associated Press reported.
Prices will be cut from 5 percent to 50 percent on about one out of every 25 items in the store. Home Depot didn’t reveal what the average reduction will be, but said the discounts will start showing up in stores this week and will last at least through the next quarter.
“We’re trying to gain market share in the process,” said Craig Menear, Home Depot’s executive vp-merchandising. “Absolutely, we’re trying to drive sales and productivity.”
The marked-down items include energy-saving devices, such as insulation and thermostats, and “project starters,” such as paint and toilets that are the building blocks for do-it-yourself tasks.
Deck’s Hardware turns 100
Deck’s Hardware in Ambler, Pa., marking its 100th Anniversary this year, received a “resolution of recognition” from Mayor Bud Wahl on Sept. 16 at the Ambler Borough Council meeting, the Ambler Gazette reported.
The hardware store, still at its original location at 27 N. Main Street, was opened in 1908 by Garnett Deck, an accounting student who had been working at a nearby hardware store to pay for his education.
One hundred years later, Garnett Deck’s son, Dawson “Tiny” Deck, 81, still runs the store, along with his sons, Tyler, 49, and Timothy, 44.