Online retailer pushes free shipping
Online retailer Kitchens On Clearance announced a new program offering free shipping on all orders over $2,500.
Kitchens on Clearance is an online retailer of discounted solid wood cabinets, as well as granite, knobs and other accessories used in kitchen remodeling projects.
The Miami, Fla.-based company, on the Web at KitchensOnClearace.com, says it provides full-service remodeling and renovation projects.
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Lowe’s CEO embraces dead-net pricing
One of the ways Lowe’s says its competing in the price wars — especially with Internet retailers — is a merchant mind-set of “dead net pricing.”
Speaking at the UBS Global Consumer Conference Wednesday, Lowe’s CEO Robert Niblock described his company’s improvements in the price wars.
“In 2010, late 2010, 2011, we did some pricing work. And we determined that our pricing had gotten out of line with where it need to be from a competitive standpoint. So we then took some pricing actions later in 2011 and a year later in all of our competitive shops, so those big-box competitors, we’re at price parity, which is where we want to be,” he said.
Responding to a question about investing in the retailer’s price position, Niblock introduced the term “dead net pricing” during the line review process as a merchant strategy to keep prices low.
“I think one of the things that will likely help there when you think about our merchants now as they go through the line review process, they’re really going to more dead net pricing,” he said.
He described this term thus: “That’s the price perception in their mind that they’re gauging their margin off of.” It differs from the previous approach of “having a price from a vendor and having other holdback allowances that were utilized for other promotions and those types of things,” he said.
Niblock stressed that Lowe’s intends to be price competitive, whether the competitor is another store or an online retailer.
They talk about internet
They talk about internet pricing.I work for Lowes and the search engine is so bad that nobody can find anything to buy.
Lifetime Brands sees Q4 sales rise
Lifetime Brands, maker of houseware and kitchen products under such brands as Kitchenaid, Farberware and Cuisineart, reported that consolidated net sales for the fourth quarter were $154.8 million, an increase of 12.5%, compared with consolidated net sales of $137.6 million in the fourth quarter of 2011.
Net income was $15.2 million in the 2012 period, compared with $5.4 million in the prior-year period.
Consolidated net sales for the year were $486.8 million, an increase of 9.5%, compared with consolidated net sales of $444.4 million for 2011.
Net income was $20.9 million in 2012, as compared with $14.1 million in 2011.
Jeffrey Siegel, Lifetime’s chairman, president and CEO commented, “Lifetime finished 2012 on a very positive note. For the quarter, consolidated net sales increased 12.5% on an actual basis and 8.6% on an organic basis. During the quarter, we acquired the business and assets of Fred & Friends, a line of innovative products featuring fun kitchen tools, tabletop accessories, party goods and giftware products."
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