Home Depot begins major expansion on Dallas DC
Home Depot has begun construction on a 1.18 million-sq.-ft. warehouse in South Dallas, according to an article in the Dallas Business Journal.
The $20 million expansion will add to Home Depot’s 531,000 sq. ft. of distribution space in South Dallas and includes tenant improvements and real property. The Atlanta retailer’s warehouse has been located at the leased site since 2007.
Construction is scheduled for completion in 2012. An estimated 250 jobs will result from the expansion, according to city documents.
The city of Dallas has agreed to grant Home Depot more than $4 million in property tax abatements on business personal property for 10 years. The DeSoto Economic Development Corp. and Dallas County also contributed more than $2 million of incentives for the facility, the newspaper reported.
Trammell Crow, which is leasing the entire South Dallas site to Home Depot and also developing the project, received nearly $2.5 million through an affiliate for improvements to the road and site infrastructure, according to city of Dallas documents.
Robber uses taser gun to steal lawnmower parts
Manchester, N.H., police are looking for a suspect who pulled an electronic stun gun on a loss prevention officer at a local Home Depot store. The Nov. 9 robbery, reported by WMUR television news, started as a shoplifting incident until the individual — described as a white man in his 20s, about 5 ft. 9 ins. tall and 160 pounds — was confronted when leaving the store without paying for two lawnmower engine bands. The merchandise was valued at approximately $150.
Instead of cooperating with the loss prevention officer, the suspect pulled out a taser-like device and turned it on. He then fled out of the store and climbed into a 1998 Honda Prelude.
Police investigators, who have video footage of the robbery, believe that the individual may be responsible for another robbery in the area.
Scotts posts $53.4 million loss
Scotts Miracle-Gro, the nation’s largest supplier of lawn and garden products, reported net sales of $417.2 million for its fourth fiscal quarter, a decrease of 1% from sales in the same quarter last year. Sales in the global consumer segment declined 8% to $308 million.
Scotts LawnService reported sales of $83.4 million, an increase of 5% from the comparable quarter in 2010.
The Marysville, Ohio-based company posted a net loss of $53.4 million for the fourth quarter, which ended Sept. 30. This compares with a net loss of $32.6 million for the corresponding quarter in 2010.
For the full year, Scotts reported net sales of $2.84 billion for fiscal 2011, a decrease of 2% from sales in fiscal 2010. The company attributed the decline to poor weather throughout the U.S. during prime lawn and garden seasons, as well as lower sales in the mass merchant retail channel.
Scotts posted a $167.9 million profit for fiscal 2011, compared with a $204.1 million net income in fiscal 2010.
Adjusted income from continuing operations — which excludes product registration and recall matters, as well as impairment, restructuring and other charges — was $182.6 million, compared with $218.8 million in fiscal 2010.
"While 2011 was perhaps the most challenging lawn and garden season I can recall, I was encouraged that consumer participation was strong when the weather cooperated, and that both our international consumer business and Scotts LawnService had solid performance on a full-year basis," said Jim Hagedorn, chairman and CEO. “In the U.S., however, poor weather in the peak weeks of both the spring and fall lawn and garden seasons prevented us from ever really establishing momentum. Those facts, coupled with higher commodity costs and changes to the merchandising strategies at a key retailer, led to a disappointing result.”