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Rubbermaid reports strong performance in 2010

BY HBSDEALER Staff

Atlanta-based Newell Rubbermaid used the term "growth trifecta" to describe its 2010 performance — strong sales, strong margins and strong earnings.

The company reported fourth quarter net income of $75.7 million, up 24.9% from $60.6 million reported for the same period last year.

Sales for the quarter ended Dec. 31 were $1.46 billion, up 3.4% from $1.42 billion reported for the same period in 2009. 

For the full year, the company reported net income of $292.8 million, up 2.6% from $285.5 million reported in 2009.

Sales for 2010 were $5.75 billion, up 3.2% from $5.57 billion from last year.

Looking forward, the company expects core sales to increase 4% to 5% in 2011.

“As I look back on 2010, I think it’s most notable that we consistently grew core sales in a sluggish economy and delivered on all of our financial targets, while continuing to advance our long-term growth strategies,” said Mark Ketchum, president and CEO. “By staying focused on the drivers that are in our control, we have created our own momentum to deliver once again a full year of the growth trifecta – sales growth, gross margin expansion and normalized earnings growth.”

 

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Tractor Supply Q4 comps up 13.1%

BY HBSDEALER Staff

Tractor Supply Company reported that net sales for the fourth quarter increased 19.7% to $1.03 billion from $862.5 million in the prior year’s fourth quarter.  Same-store sales increased 13.1% compared with a 0.7% increase in the prior-year period.  

Net income for the quarter was $50.2 million, or 67 cents per diluted share, compared with $37.3 million, or 51 cents per diluted share, in the prior year’s fourth quarter.  

The company opened 27 new stores and closed two stores in the quarter compared with 18 new store openings and no closed stores in the prior year’s fourth quarter.

Jim Wright, chairman and CEO, stated, "The team executed extremely well throughout the fourth quarter, further enabling us to exceed our goals for the year. Through broad-based sales strength and organizational discipline across the business, we achieved record sales and profitability. We served our customers with more effective merchandising, focused on key items, seasonal buys, and improved product placements.  We are pleased with our accomplishments and the momentum we carry into 2011 as the destination store for the rural lifestyle." 

For fiscal 2010, net sales increased 13.5% to $3.64 billion from $3.21 billion in fiscal 2009.  Same-store sales increased 7% compared with a 1.1% decrease for fiscal 2009.  

For fiscal 2010, net income was $168 million, or $2.25 per diluted share, compared with net income of $119.7 million, or $1.63 per diluted share, for fiscal 2009.  

During fiscal 2010, the company opened 74 new stores and closed three stores compared with 76 new store openings, two relocations and one closure in fiscal 2009.

 

The company anticipates net sales for fiscal 2011 will be approximately $4 billion to $4.07 billion, with same-store sales expected to increase approximately 2.5% to 4.5%.  The company projects 2011 full year net earnings to range from $2.54 to $2.62 per diluted share.

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Stanley Black & Decker posts huge gains

BY HBSDEALER Staff

Thanks to the inclusion of Black & Decker’s performance in the combined results of Stanley Black & Decker, the New Britain, Conn.-based tool maker reported a 142.8% jump in fourth-quarter net income to $178.0 million, up from $73.3 million.

Sales for the quarter were $2.4 billion, up 149% compared with $969.4 million for the same period last year.

"2010 was a landmark year for Stanley Black & Decker, driven largely by the significant progress we made in integrating Black & Decker,” said John Lundgren, president and CEO. “Notably, we were able to achieve 7% organic growth for the year on a pro forma basis amid an uncertain economic environment while continuing the integration in a manner that allowed us to exceed our original cost synergy targets.”

For the full year, net earnings were $619.3 million, up 151.3% from $246.4 million reported for 2009.

Sales for the year were $8.4 billion, up 125% from $3.7 billion last year, again due to the inclusion of Black & Decker’s results.

For the year, the company reported revenues in emerging markets up 29%, primarily driven by growth in Latin America.

Lundgren said the company continues to focus on the integration of Black & Decker by embedding the Stanley Fulfillment System across the entire company. 

“We realize that our continued success is dependent upon the ongoing integration of Black & Decker, which is now in a critical phase that includes intensive and often interdependent systems conversions as well as changes within our plant and distribution center networks,” he said.

Looking forward, the company expects organic net sales to increase 5% to 6% from combined company pro-forma level of $9.3 billion for 2011.

 

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