Lowe’s names new COO
Lowe’s has named Richard Maltsbarger as the retailer’s new chief operating officer.
Maltsbarger previously served as Lowe’s chief development officer and as president of international operations. He succeeds Rick Damron who will retire after 36 years with the company, Lowe’s said. In his new role, Maltsbarger will oversee store operations, supply chain, pro operations and services, while working closely with Lowe’s chief customer officer Michael McDermott.
"Richard is a proven leader with a keen understanding of our business and industry. He brings vast consumer knowledge from various roles within Lowe's and has been instrumental in the development and implementation of our strategy,” Robert Niblock, Lowe’s chairman, president, and CEO, said in a prepared statement. “We are confident that in this new role, Richard will continue to enhance our capabilities and processes as we execute our plans and meet customers' rapidly evolving expectations."
Niblock added, "On behalf of the board and management team, I want to thank Rick for his innumerable contributions to Lowe's over his distinguished career during the past three decades. Rick has worked across every aspect of our operations, and his ideas and initiatives have positively impacted Lowe's employees and customers. We wish him all the best in his retirement."
[Related news: Lowe's posts Q3 sales and earnings gains.]
"I have a great deal of admiration and respect for the Lowe's organization and management team and look forward to working with Richard to ensure a smooth transition,” Damron said. “Lowe's is well positioned for continued success, and I have the utmost confidence in our employees and the company's long-term growth opportunities."
Maltsbarger was named chief development officer in 2014 and president of Lowe’s international business in 2015. In his current role, Maltsbarger is responsible for corporate strategy, business development and international operations. Maltsbarger joined Lowe's in 2004 as director of customer analytics and held various senior leadership roles including business development executive, senior vice president of strategy, vice president of strategic planning and vice president of research.
Based in Mooresville, N.C., Lowe’s operates more than 2,370 stores in the United States, Canada, and Mexico.
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CORRECTION: A headline of a previous version of this article incorrectly described the position as CFO.
Lowe’s Q3 sales rise 6.5%
Lowe’s, the world’s second-largest home improvement retailer, reported sales increased 6.5% to $16.8 billion for the third quarter ended Nov. 3, up from sales of $15.7 billion in the third quarter of 2016. Comp-store sales increased 5.7% for the period.
The Mooresville, N.C.-based company said hurricane-related sales in the quarter were approximately $200 million.
For the nine-month period, sales increased 7.9% to $53.1 billion over the same period a year ago, and comp sales increased 4%. Additionally, comp sales for Lowe’s U.S. home improvement business increased 5.1% for the third quarter and 3.9% for the nine-month period, the company reported.
Lowe's also posted net earnings of $872 million for the third quarter compared to net earnings of $379 million in the third quarter a year ago. During the nine-month period, net earnings were $2.9 billion compared to net earnings of $2.4 billion during the first nine months of 2016. The company's earnings benefited from the sale of its interest in its Australian join venture earlier this year.
"During the third quarter, we drove traffic in-store and online with compelling messaging and integrated customer experiences. We continue to invest in omni-channel capabilities to enhance value for customers and shareholders," Lowe’s Chairman, President, and CEO Robert Niblock said. "I am also pleased with the progress we've made to enhance our product and service offering for the pro customer, delivering another quarter of comparable sales above the company average.”
As of Nov. 3, Lowe's operated 2,144 home stores in the United States, Canada, and Mexico.
[Related News: Lowe's names new COO.]
Record quarter for Beacon Roofing
Beacon Roofing Supply reported fourth quarter 2017 net sales increased 9.8% to a company record of $1.29 billion, up from $1.17 billion in the fourth quarter of 2016.
Residential roofing product sales increased 9.3% during the quarter, non-residential roofing product sales increased 5.3%, and complementary product sales increased 20.7% over the prior year.
Existing markets same day sales, excluding acquisitions, increased 8.2% for the quarter. The fourth quarter of Beacon Roofing’s fourth quarter in 2017 had 63 business days while the fourth quarter of 2016 had 64 business days.
For the full year, total sales increased 6% to an annual company record of $4.38 billion in 2017, from $4.13 billion in 2016. Residential roofing product sales increased 8.7%, non-residential roofing product sales decreased 4.4%, and complementary product sales increased 19.5% over the prior year. Existing market same day sales, excluding acquisitions, increased 3.4% year to date. Fiscal years 2017 and 2016 had 252 and 254 business days, the company reported.
For the fourth quarter, Beacon reported a net income of $45.1 million, compared to $47.4 million in the same period last year. In a press release, Beacon Roofing said that fourth quarter results were positively impacted by strong net sales growth within each of the company’s three product lines. But compared to the prior year, fiscal year 2017 operating performance was negatively impacted by lower gross margins and higher operating costs.
Net income for the full-year was $100.9 million, compared to $89.9 million in 2016. The commercial and residential roofing materials distributor said that compared to the prior year, fiscal year 2017 results were positively impacted by strong net sales growth within Beacon’s residential roofing and complementary product lines, partially offset by a net sales decrease in its non-residential roofing product line.
“Fiscal 2017 produced a second consecutive year of record sales,” said Paul Isabella, Beacon Roofing CEO and president. “We are pleased with our fourth quarter performance, and even more excited about the future, as monthly sales trends accelerated throughout the quarter and early 2018 visibility is supported by solid re-roofing trends and two meaningful storm events.”
Based in Herndon, Va., Beacon Roofing operates 382 locations in 48 U.S. states and 6 Canadian provinces. On Aug. 24, the company acquired Allied Building Products in a deal expected to close Jan. 2, 2018.