Menards opens first store in Kentucky
One year ago it was just a set of blueprints, but Menards first location in Kentucky — a megastore measuring more than 200,000 sq. ft. — opened on May 1 in Owensboro, Ky., according to an article in the Messenger Inquirer.
Menards will be the first store to operate in the 67-acre Heartland Crossing shopping center. Designs for that $45 million development feature building pads for restaurants, banks, offices and a hotel.
After concerns were raised by local citizens and businesses, the state of Kentucky agreed to make improvements to nearby roads and add exit ramps.
March ushers in almost 70,000 foreclosures
CoreLogic, a provider of information, analytics and business services, released the most recent figures for its monthly National Foreclosure Report, reporting 69,000 completed foreclosures in March 2012. This compares with 85,000 in March 2011 and 66,000 in February 2012.
Approximately 1.4 million homes, or 3.4% of all homes with a mortgage, were in the national foreclosure inventory as of March 2012 compared with 1.5 million, or 3.5%, in March 2011 and 1.4 million, or 3.4%, in February 2012. The number of loans in the foreclosure inventory decreased by nearly 100,000, or 6.0%, in March 2012 compared with March 2011.
"The overall delinquency level was unchanged in March, remaining at its lowest point since July 2009," said Mark Fleming, chief economist for CoreLogic. "Non-judicial foreclosure markets like Nevada, Arizona and California are experiencing significant improvements in their shares of delinquent borrowers. Some judicial foreclosure states are also improving, like Florida, but not to the extent of non-judicial markets."
The five states with the highest foreclosure rates, according to the CoreLogic report, were: Florida (12.1%), New Jersey (6.6%), Illinois (5.4%), Nevada (4.9%) and New York (4.9%).
The five states with the lowest foreclosure rates were: Wyoming (0.7%), Alaska (0.8%), North Dakota (0.8%), Nebraska (1.1%) and South Dakota (1.4%).
Central Garden & Pet Q2 sales decline
Central Garden & Pet reported second-quarter net sales of $466.9 million, down 4% from $485.7 million in the same period a year ago. Net income for the quarter ended March 24 totaled $21.6 million, compared with net income of $31.8 million in the second quarter of 2011.
Net sales for the Garden Products segment decreased 6% from the same period a year ago to $244.4 million. Net sales for the Pet Products segment decreased 1% from the same period a year ago to $222.5 million, due primarily to a decline in wild bird feed sales.
"Even with strong demand from consumers for our products, our sales and earnings were impacted this quarter by short-term execution issues arising from our transformational efforts, which hindered our ability to fully meet demand," said Bill Brown, chairman and CEO. "We are addressing these issues and are continuing to see strong demand for our products. April sales are up significantly over last year, helped by delayed shipments and strong demand for our flea and tick products."
For the six months ended March 24, the company reported net sales of $769.0 million, little changed from $767.4 million in the year-ago period. Net income for the six months totaled $8.5 million, compared with $22.2 million in the comparable 2011 period.