Industry Dashboard for Aug. 15, 2011
After a wild week on Wall Street, HCN Stock Watch companies are all down for the month — but eight out of 10 are still running ahead of last year.
why two sets of "stock watch"
why two sets of "stock watch" listings? Some have same company listed on both with different %changes.
Lowe’s Q2 falls short of expectations
Mooresville, N.C.-based Lowe’s reported sales of $14.5 billion in the second quarter ended July 29, up 1.3% from the same period a year ago.
Comparable-store sales increased 0.3% in the second quarter. The company posted earnings for the quarter of $830 million, down just slightly from $832 million in the same quarter last year.
“Despite some recovery in our seasonal business, our performance for the quarter fell short of our expectations,” commented Robert Niblock, Lowe’s chairman, president and CEO. “We are working diligently to improve sales and profitability in the near term in a way that we believe will generate sustained customer preference and shareholder value. We are also building momentum in 2011 behind our longer-term commitment to deliver even better customer experiences.”
Lowe’s closed seven stores on Sunday, which it mentioned in its financial results but did not elaborate on. But Lowe’s spokeswoman Julie Yenichek identified the locations as Meriden, Conn.; Riverdale, Ga.; Elgin and Schaumburg, Ill.; Kenai, Alaska.; Cambridge, Minn.; and Ticonderoga N.Y.
“Unfortunately, despite the hard work of the store’s employees and their commitment to outstanding customer service, we do not foresee a scenario that leads to profitability for [these] stores,” Yenichek told Home Channel News. Approximately 650 employees will be affected by these closings and will be able to apply for open positions in other Lowe’s stores, she added.
During the quarter, Lowe’s opened two stores. As of July 29, 2011, Lowe’s operated 1,753 stores in the United States, Canada and Mexico, representing 197.6 million sq. ft. of retail selling space, a 1.5% increase over last year.
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Philips wins $10 million DOE bulb contest
Philips Lighting has won the U.S. Department of Energy’s “Bright Tomorrow Lighting Prize” — more commonly called the “L Prize” competition — with its 10-watt LED bulb that will be part of its AmbientLED and EnduraLED line. Designed to replace the 60-watt bulb, which will be phased out in 2013, the Philips LED bulb was submitted to DOE in 2009 and underwent 18 months of intensive field, lab and product testing to make sure its performance, quality, lifetime, cost and availability meet expectations for widespread adoption and mass manufacturing, according to the announcement.
As the winner, Philips will receive a $10 million cash prize as well as L Prize partner promotions and incentives.
Silvie Casanova, a spokeswoman for Philips Lighting, told Home Channel News that some of the technology developed for the L Prize entry — for example, a yellow, phorphor cap that turns white once the bulb is turned on — was used in the AmbientLED bulbs now on sale at Home Depot. The L Prize-winning 60-watt equivalent LED bulb from Philips could arrive in stores either later this year or early 2012.
As for the $10 million prize money, “We’re going to invest it into the manufacture of the bulb here in the U.S.,” Casanova said.
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