Home Depot CEO pleased with Q2
It’s no wonder The Home Depot CEO Frank Blake was smiling wide in his ALS Ice Bucket Challenge video. He and his leadership team were about to report second quarter net earnings in excess of $2 billion.
“We saw broad based growth in the quarter across all of our geographies,” Blake said during the company’s second quarter earnings call Tuesday morning.
Net earnings came in at $2.050 billion, up 14.2% from the same quarter last year. That’s the highest second quarter haul in the company’s history.
Some of Blake’s other points revealing strength in the business:
• All three U.S. divisions poste mid-single digit comps;
• Every region showed positive comps; and
* The Homedepot.com business saw sales growth of 38%;
All of the above were achieved despite strong performances in the year-ago period, he said.
Home Depot’s installation services business had a strong quarter, as the retailer saw an acceleration of big-ticket transactions.
“While our year got off to a slow start because of the late spring, we ended the first half with sales in line with our original expectations,” he said.
Describing the housing market as “a modest tailwind for our business,” Blake added that home price appreciation is an important positive for Home Depot’s business. “Price appreciation is not setting the pace of last year, but it is still going in a positive direction,” he said.
Home Depot reported second quarter net sales of $23.8 billion, up 5.7%. Comp-store sales were positive 5.8%.
Acpi flexes muscles in the cabinet category
Eighteen months after the purchase of Armstrong Cabinets, cabinetry manufacturer acpi created Echelon Cabinetry and Advanta Cabinets.
Delivering a 35 percent increase in production capacity and offering a better kitchen cabinet customer specification and buying experience have been acpi’s top priorities, the company said. Over $7 million has been invested into operational enhancements and process improvements, focused on improving overall service levels to customers.
Acpi will meet an increasing demand in a market currently challenged by supply and service issues, through the creation of their two new cabinetry lines: Echelon Cabinetry for home builders, dealers and remodelers and Advanta Cabinets for multifamily clients and architects.
“For more than 18 months we’ve quietly, very aggressively reinvented the company from top to bottom to prepare us for more business and to serve our customers better,” said Nick Billig, CEO of acpi. “For home builders, dealers and remodeling professionals and their customers, Echelon offers a better overall cabinet experience. For multifamily professionals, Advanta means you have a cabinet partner 100 percent dedicated to your style, performance, delivery and service needs. We’re heavily invested into making Echelon and Advanta the trusted sources for kitchen cabinets, delivered on-time and 100% complete” said Billig.
“We also brought in an experienced and dynamic executive team, with a good combination of industry experience and successful track-records in and out of the cabinetry industry,” continued Billig. “Acpi has also engaged end-users, in extensive qualitative and quantitative research. This led us to new insights which we have been applying in unique ways to improve our customers overall cabinetry experience.”
In 2012 the Armstrong Cabinets division was acquired by American Industrial Partners (AIP) and taken private. Now known as acpi, headquarters are based in The Colony, Texas with primary production facilities in Thompsontown, Pennsylvania.
Toter gets its first VP retail
Charlotte, North Carolina-based Wastequip has hired Andrew Bardsley to the newly created role of VP retail for the Toter brand, in which he will be charged with leading the team’s new Retail Business Unit.
With Bardsley in place, Toter’s consumer business is poised to work toward its new long-term growth initiatives, including a move that will involve shifting all of its manufacturing operations to the U.S. Bardsley will be at the helm of Toter’s "Made in America" initiative.
His new role will also see him in charge of the sales, marketing and product development for the business unit.
Bardsley’s resume includes more than 20 years of experience in the global manufacturing and industrial market, featuring roles with Ingersoll Rand and Atlas Copco. His most previous role was at Ingersoll as global assembly business leader.
“We’re excited to welcome Andy into the Wastequip fold," said CEO Marty Bryant. "Toter is a well-known brand with strong American roots, and our retail customers in particular are demanding American-made products. Andy will help us create a disciplined strategy around this key sales channel of our business. We believe there is great opportunity to expand Toter’s footprint in the retail channel, and we’re confident that Andy’s vast experience and strong established relationships will allow us to realize this opportunity.”