Orchard Supply Hardware sees Q2 sales decline
San Jose, Calif.-based Orchard Supply Hardware reported second-quarter sales of $194.1 million for the quarter ended July 28, down 1.2% from the same quarter last year.
The company also posted a second-quarter net loss of $26.7 million, compared with earnings of $3.9 million in the second quarter of 2011.
Comp-store sales, however, inched up 0.9%.
“We are pleased to have generated positive comp store sales in an economically challenging and highly competitive promotional environment,” said CEO Mark Baker. “We continue to make progress against our initiatives to reposition the business, strengthen our financial condition and drive profitable long-term growth.”
The company is on track to open three new stores and remodel six Orchard locations in 2012. As of July 28, the company had 88 stores, all in California.
Baker said the company conducted a sale-leaseback transaction on six stores and it is exploring options to refinance long-term debt.
Pollock’s Home Center to close
Pollock’s Home Project Center in Troy, N.Y., has hung the “store closing” signs.
According to an article on Timesunion.com, the store on Hoosick Road had begun alerting customers via mail of its pending closure.
The article also reported that the store had contracted space in the front of the store to Best Fire Hearth & Patio.
CNRG empire grows in the Gulf
Natchez, Miss.-based Central Network Retail Group (CNRG) acquired Ace Hardware in Monticello, Miss., and announced plans for another new store in Rayville, La.
The Mississippi store, which has been rebranded as a Home Hardware Center, is located at 134 West Broad Street in Monticello.
A grand reopening celebration for the new location is scheduled for Sept. 28. The store has a 14,000-sq.-ft. sales floor with a large assortment of hardware, paint, electrical, plumbing, tools, lawn & garden and home organization items.
CNRG also announced plans for the opening of a new store in Rayville, La. Construction is already under way to prepare the site at 2004 South Julie Street in Rayville. The new store is expected to open in November with a 14,000-sq.-ft. sales floor, plus a drive-through lumberyard with a full assortment of lumber and building materials.
“We are excited about the growth of our Home Hardware Center stores,” said Jimmy R.Smith, chairman of CNRG. “With these stores we now operate 22 stores under the Home Hardware Center brand in Mississippi, Louisiana and Tennessee.”
Boyden Moore, president of CNRG, added, “We are working on growth plans for each of the brands we currently operate, as well as assessing opportunities to acquire other brands in new markets. We are excited about this step forward in our growth and look forward to more to come.”
CNRG currently operates 38 home center and hardware stores in Mississippi, Louisiana, Alabama, Tennessee, Texas, and North Carolina under the Home Hardware Center, Morrison Terrebonne Lumber Center, NFL Home Center, Elliott’s Hardware, and Town & Country Hardware brands.