Hughes Lumber expanding
Hughes Lumber will move its headquarters to the Tulsa Port of Catoosa in 2008, according to a report in the Tulsa (Oklahoma) World newspaper.
The relocation is part of president Robert Hughes’ plan to expand the company’s port facility from five to 11 acres and will result in Hughes closing its administrative office in south Tulsa and a lumberyard in Owasso, according to the report.
Construction on the port facility begins in January and should be completed by September, the company said.
The Catoosa operation will put Hughes Lumber close to the interstate highway system, Hughes added. The lumber company supplies builders throughout Oklahoma and several neighboring states.
Hughes Lumber began as a hardware store in the early 20th century and became a lumber supplier by 1920. The Hughes family moved the administrative offices to Tulsa in the 1970s and opened a door shop and distribution operation at the Tulsa Port of Catoosa about 10 years ago.
Hughes Lumber employs about 40 people in the Tulsa area, as well as many seasonal workers. Its lumberyards are located in Bartlesville, Muskogee, Stillwater, Enid and Ponca City.
Snap-on names new CEO
Kenosha, Wis.-based Snap-on has named president and COO Nicholas Pinchuk to the post of CEO, replacing Jack Michaels.
Pinchuk, 61, will continue to serve as president, while Michaels, 70, will remain chairman of the board, the company said.
“Nick’s leadership as COO reaffirms that he will guide the corporation’s continued success,” said Michaels.
Pinchuk has been with the company since 2002 and was named president and COO in April.
Snap-on is a global manufacturer and marketer of tools, diagnostics and equipment for professional users.
Pier 1 narrows losses in third quarter
Specialty retailer Pier 1 Imports greatly narrowed its losses in the third quarter to $9.96 million, an improvement over $72.72 million in losses in the same quarter last year.
Sales fell 7 percent to $374.2 million compared with $402.7 million in the same period last year.
Pier 1’s new president and CEO Alex Smith said the narrower losses resulted from a greater emphasis on sustainable margins and lower ticket impulse items in stores.
“We are pleased with our third-quarter margin results, which would have been higher had it not been for the clearance of our Pier 1 Kids merchandise,” Smith noted.
The retailer saw cost savings to the tune of $21.2 million on marketing expenses, $10.8 million in payroll savings and $5.4 million in savings on other general administrative costs.
Smith further said the retailer saw improvements in conversion rates and units per transaction, as well as in total transaction value.
“This is only the beginning; we still have a lot of work to do,” he said. “However, the fact that we achieved these results with less than perfect execution gives me great optimism about our ability to return to profitability and beyond.”