New Menards location features store-within-a-store
A new 240,000-square-foot Menards store opened Jan. 8 in Galesburg, Ill., according to a report in the Galesburg Register-Mail.
The store follows the retailer’s new format of including grocery items, as well as other convenience and entertainment items, such as toiletries, greeting cards, books, magazines and DVDs.
In the Galesburg Menards store, the grocery area is located at the rear of the store, featuring items such as frozen pizza, milk and cereal, according to the report. The east side of the store features lumber and pro items.
The retailer has included several store-within-a-store concepts, such as “The Yard Barn Store,” which includes storage units, “The Board Store” and “The Drywall Store.” The store also features major appliances and commercial laundry equipment, according to the report.
Wagner Lumber completes acquisition
Wagner Lumber, based in Owego, N.Y., has completed an acquisition of Afton, N.Y.-based Pomeroy Lumber, according to a report in the Binghamton (New York) Press & Sun-Bulletin.
The deal has been in the pipeline for some time but was stalled by a flood in 2006, according to the report. The acquisition will enable Wagner Lumber to expand operations and procure timber from all parts of the state.
Wagner Lumber, established in Owego in 1975, also operates Wagner Hardwoods in Cayuta, N.Y. The businesses employ about 200 people. Pomeroy operates a sawmill in Nineveh, N.Y., a location which will now be known as Wagner Nineveh.
Wagner has three additional locations, including Wagner’s Western Wood Yard in Friendship, N.Y.; Wagner Millwork in Oswego, N.Y.; and Wagner Hardwoods in Cayuta, N.Y.
KB Home rounds out rough fourth quarter, year
National home builder KB Home saw a net loss of $772.7 million in the fourth fiscal quarter, a deeper loss than the $49.6 million recorded in the same period last year.
Net revenue for the quarter was $2.07 billion, down 31 percent from $3.01 billion in the same period last year.
This decline reflected a 22 percent year-over-year decrease in new home deliveries to 8,132 in the fourth quarter from 10,386 in the 2006 fourth quarter, and a 12 percent year-over-year decrease in the average selling price to $247,800 in 2007 from $280,000 in 2006. During the quarter, the company took charges of $917.6 million for write-downs and tax expenses.
For the full year, the company saw a net loss of $929.4 million, swinging from net earnings of $482.4 million last year. Net revenue for the year was $6.4 billion, down 46.5 percent from $9.38 billion in 2006.
“The challenging market conditions we experienced through the first three quarters of 2007 continued during the fourth quarter,” said Jeffrey Mezger, president and CEO of KB Home.
Mezger listed several factors detrimental to KB Home’s business throughout 2007, including an oversupply of new and resale homes, increased foreclosure activity, heightened competition for home sales, reduced home affordability, turmoil in the mortgage and credit markets and decreased consumer confidence in purchasing homes.