Houzz Stat: Kitchen upgrades, and the reasons behind them
Those who choose to remodel the heart of their home have some definite preferences. After all, the No. 1 reason they choose to renovate this area is no longer being able to stand the old kitchen — can anyone out there relate?
If I see that backsplash one more time … The top motivator for renovating a kitchen continues to be that owners can no longer stand the old kitchen. An increasingly popular reason is finally having the financial means, the triggering factor for 40% of renovators, compared with 37% the year before.
Countertops before electronics. Countertops are the most popular feature to upgrade, followed closely by backsplashes and kitchen sinks. Notably, a majority of kitchen renovations (51%) open the space more to a nearby room, reflecting the ongoing popularity of the great-room concept.
Renovate to lose weight? One-third of kitchen renovators claimed healthier habits post-renovation, while the remaining two-thirds of kitchen renovators said they were equally healthy after the renovation. Forty-one percent of homeowners who renovated their kitchens are cooking more at home, 34% are ordering less takeout, and 26% are eating more fruits and vegetables. A whopping 76% of kitchen renovators cook five or more meals at home each week after their renovation.
Stanley Black & Decker posts sales gains
With a stated objective of doubling the size of the company by 2022, and coming off the announcement of a plan to buy the Craftsman brand from Sears, Stanley Black & Decker reported fourth quarter and full year sales gains.
Company-wide, net sales increased 2.6% to $2.92 billion in the fourth quarter. Net earnings declined 3.9% to $265.5 million.
In the tools & storage division, net sales increased 6% in the fourth quarter.
CEO James Loree said the M&A activity is big part of its strategy. “Adding notable and iconic brands, such as Lenox and Irwin, and now Craftsman, uniquely complements our existing, strong portfolio of world-class brands and franchises,” he said. “The sale of the majority of our Mechanical Security businesses will allow us to redeploy that capital from a low-growth business and invest it in more robust growth opportunities.”
The company’s deal to acquire the Craftsman brand has an all-in price tag of about $900 million. And the company’s $1.95 billion deal to acquire the Tools business of Newell Brands is expected to close in the first quarter of 2017.
For the full year, Stanley revenues totaled $11.4 billion, up 2% from the previous year. Net income increased from $883.7 million to $965.3 million, up 9.2%.
The company anticipates 4% organic growth in 2017.
“Certainly, there are significant challenges from a currency and geopolitical perspective, but we are confident in our ability to manage through these uncertainties and focus on solid execution,” Loree said.