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Lowe’s introduces Craftsman assortment

Initial Craftsman tool SKUs at Lowe’s include mechanics tool sets, storage items, flashlights, and pressure washers.

BY HBSDealer Staff

In time for a Father’s Day sales push, Lowe’s reported that an initial assortment of Craftsman tool brand is now available for purchase online and at stores.

The initial Craftsman tools include mechanics tool sets, tool storage, garage organization items, flashlights, and pressure washers.

“We are honored to be the new go-to destination of the iconic Craftsman brand and offer some of the highest quality tools, storage and outdoor power equipment in the industry,” said Michael P. McDermott, Lowe’s chief customer officer. “Lowe’s and Craftsman have histories that span generations and are rooted in excellent customer service. Together we are making it easier than ever for customers to access the best tools and expert guidance they need to confidently tackle any home improvement project.”

Lowe’s said it will expand its collection of Craftsman products later this year in time for the holiday season.

“Craftsman is a brand that is built on pride. This relaunch celebrates our long-standing reputation of trust,” said Allison Nicolaidis, chief marketing officer for Global Tools & Storage at Stanley Black & Decker. “We’re eager to introduce new Craftsman products that can be relied on by generations to come.”

Sears sold its iconic Craftsman brand to Stanley Black and Decker in 2017. Previously, Craftsman had been sold at Sears and Kmart stores, Orchard Supply Hardware stores (through its previous ownership connection to Sears) and through Ace Hardware stores, through an exclusive deal for the convenience hardware industry.

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HBSDealer Stock Watch: Friday’s Ticker

BY HBSDealer Staff
There were more gainers than decliners on the HBSDealer Stock Watch Friday. The biggest mover on the day was PPG, down 5.4%, as the company provided details on expenses related to accounting errors.  CENT led the gainers with a 3.7% increase on the day.
Company Price Change
AWI (Armstrong) 58.90 +1.12%
BCC (Boise) 43.55 -0.46%
BECN (Beacon) 42.24 -1.58%
BLDR (Builders FS) 18.90 -1.10%
BMCH (BMC Stock) 19,95 -0.50%
BXC (BlueLinx) 40.49 +1.17%
CENT (Central Garden) 39.76 +3.65%
DE (Deere & Co.) 147.32 +0.48%
DOOR (Masonite) 64.55 +1.65%
EXP (Eagle) 106.05 +1.52%
FAST (Fastenal) 51.78 +0.88%
HBP (Huttig) 5.87 -4.55%
HD (Home Depot) 190.31 +1.68%
JELD (Jeld-Wen) 28.70 +1.52%
LL (Lumber Liquidators) 21.30 +0.05%
LOW (Lowe’s) 87.45 +2.80%
LPX (Louisiana-Pacific) 27.76 +1.98%
MAS (Masco) 38.07 +0.55%
PPG (PPG) 100.42 -5.36%
SHW (Sherwin-Williams) 381.09 +0.17%
SMG (Scotts Miracle-Gro) 81.50 +0.88%
SSD (Simpson) 61.84 +1.46%
SWK (Stanley) 143.70 +0.39%
TREX (Trex) 113.86 -0.29%
TSCO (Tractor Supply) 69.62 +2.68%
TTC (Toro) 60.12 +0.55%
UFPI (Universal Forest) 34.34 +0.64%
USG (USG) 41.75 +0.92%
WDFC (WD-40) 132.90 +0.26%
WY (Weyerhaeuser) 36.62 -0.44%
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More accounting problems for PPG

BY Andy Carlo

Following the discovery of more accounting errors, PPG said it has terminated its controller and reassigned members of its accounting department.

Last month PPG revealed that potential violations of its accounting policies and procedures amounted to $1.4 million in expense errors including legal fees, property taxes and performance-based compensation. The paint and coatings manufacturer has since reported that “quantified errors” will result in a net decrease in income from continuing operations before income taxes of approximately $7.8 million for its first quarter 2018, ending March 31.

The Pittsburgh-based company is delaying its first quarter filing, Form 10-Q, with the Securities and Exchange Commission until the internal investigation is completed.

“The Company is working diligently to complete its investigation, but is currently unable to predict the timing or outcome of the investigation,” PPG said in a prepared statement.

PPG also identified the improper reclassifications of gains from income from discontinued operations to income from continuing operations, including pre-tax amounts of $2.1 million in the quarter ended June 30, 2017 and $4.7 million in the quarter ended Dec. 31, 2017.

The investigation also identified improper shifting of pre-tax expense between quarterly periods in 2017 as follows: including a total of $3.4 million in compensation expense recorded in the third and fourth quarters of 2017 that should have been recorded in the quarter ended June 30, 2017 and additional expense accrual for health care claims in the amount of $3.5 million recorded in the third and fourth quarters of 2017 that should have been recorded in the quarter ended June 30, 2017.

Former vice president and controller Mark Kelly was placed on administrative leave on April 25 before being terminated on May 10. William Schaupp is serving as assistant controller and acting controller in the meantime.

 

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