Home Depot grows sales and income in Q3
The world’s largest home improvement retailer rolled out its fourth straight quarter of positive comp-store sales. The Atlanta-based company also increased net earnings to $834 million, up 21% from $689 million in the same quarter last year.
“Our third-quarter sales reflect the fourth consecutive quarter of positive same-store sales for our business,” said Frank Blake, chairman and CEO. “As the business stabilizes, we continue to improve our operational performance. We are exercising good control over our expenses, but we’re also investing in the business to drive improvements across customer service, merchandising and our supply chain. I want to thank our associates for their hard work and dedication.”
Sales for the third quarter totaled $16.6 billion, a 1.4% increase from the third quarter of fiscal 2009. Comparable-store sales for the third quarter were positive 1.4%, and comp-sales for U.S. stores were positive 1.5%.
Home Depot lowered its sales expectations. Based on its year-to-date performance and expectations for the remainder of the fiscal year, the company now expects sales to be up approximately 2.2% for the year, instead of the 2.6% gain it had expected previously.
At the end of the third quarter, the company operated a total of 2,244 retail stores, which included 1,976 Home Depot stores in the United States.
Appelmann out at Stock Building Supply
Joe Appelmann, CEO of Stock Building Supply, is no longer with the company, according to a statement issued today by chairman of the board Tim Meyer.
Anew CEO has already been identified, according to a company spokesperson, and an announcement will be made “very shortly.”
Appelmann was a 22-year veteran of Stock, holding many key posts, including VP finance, senior VP logistics and chief operating officer. He became CEO in 2007 and led the company through a sale to The Gores Group, a Los Angeles private equity firm, and a major Chapter 11 restructuring.
Speaking about his departure, Appelmann said: “Stock is an exceptional place to work with a bright future. I would like to thank every associate for the courtesy and loyalty they extended to me during my tenure. My sincere hope is they will provide the same support to my successor. I cherish all of the friendships I developed over the years and look forward to maintaining those relationships in the future.
“It was a privilege to work with such a talented management team,” he added. “They were instrumental in transitioning the company to committed ownership and restructuring the organization for future growth and performance.”
Circular of the Week
This year, get your Thanksgiving wares at the hardware store. Montana-based Billings Hardware is featuring deals on everything from pop-up turkey timers to lancers and even infrared turkey fryers and marinade injectors. Not to fall too far behind the Christmas curve, it is also starting deals on outdoor lights and accessories, including an extreme cold-weather extension cord.
• CharBroil oil-less infrared turkey fryer for $165; • Six-piece party traveler kit for $25; and • Weston Brand heavy-duty food slicer for $99.
The Skinny: While supplies last
The message of urgency takes up just a small amount of real estate on a circular, but its impact is huge. The red banner with “While Supplies Last” in bold letters above the circular sends a clear message to customers: It’s in their interest to come to the store as soon as they can.