Sears Hometown dips in Q1
Sears Hometown and Outlet Stores net sales dipped 1.9% to $589.9 million for the 13-week period ended May 3.
Net income also failed to impress, dropping from approximately $15.0 million in 2013 to $3.68 million in 2014.
Like many others this quarter, president and CEO Bruce Johnson attributed the weak performance to the weather, as well as insufficient stock of high-margin appliances and a competitive retail market that was aggressively promotional.
"While these three items significantly affected the first quarter, we expect their balance-of-year impact to diminish," said Johnson. "In particular, we do not expect that weather will play a major role during the remainder of the fiscal year with respect to seasonal lawn and garden as this product category shrinks as a percentage of our total sales after June, and we saw more moderate weather in May."
Johnson added that the company’s sourcing initiatives are well underway, and the addition of more high-margin merchandise is likely to help boost sales.
CNRG goes West with Parkrose Hardware
The Central Network Retail Group, or CNRG, has acquired Parkrose Hardware. In doing so, the collection of hardware store and lumberyard retail brands expands West for the first time, with locations in Portland, Oregon, and Vancouver, Washington.
CRNG’s footprint expands to 45 locations, including the Parkrose acquisition.
"Parkrose is our first step out West and will serve as a foundation for our growth in the Pacific Northwest," said Jimmy R. Smith, chairman of CNRG.
Parkrose operates a traditional full-assortment hardware store, plus a strong fastener department and rental department, according to CNRG. It also runs a thriving commercial and industrial division.
Bryan Ableidinger, Parkrose’s co-owner, was honored by the North American Retail Hardware Association in 2009 as an industry "Top Gun", the same year that Smith was similarly honored. He will continue to work with Parkrose and serve as a consultant to CNRG on other initiatives.
CNRG President Boyden Moore said: "We are excited about the addition of Parkrose Hardware’s award-winning brand and team to our company."
CNRG operates in nine states with ten different brands.
HCN 2013 Hardware Store ALL-STARS
Bart and Diana Tyler, proprieters of Kelloggs & Lawrence in Katonah, N.Y., and DeWayne Tripp, owner of Hinton (Okla.) Hardware joined an elite crowd in 2013: HCN Hardware Store All-Stars. Their stores made the list, along with 48 other worthy retailers, one from each state.
Now in its third year, the HCN All-Star project recognizes hardware stores that are outstanding in their field. They don’t have to be the biggest, or even the most profitable. But they must display an All-Star sense for customer service and business acumen.
To those who nominated stores, the editors thank you. To those who made the list, congratulations. And to those who believe they deserve to be recognized as All-Stars, tell us about it — and we’ll see you next year.
✭ Alabama: Dixie Pro Hardware, Montgomery, Ala.
✭ Alaska: Anchorage True Value Hardware, Anchorage
✭ Arizona: Havasu Do it Best Hardware, Lake Havasu City
✭ Arkansas: Hilltop Ace Hardware, Little Rock
✭ California: Pete’s Ace Hardware, Castro Valley
✭ Colorado: Joseph’s Do it Best Hardware, Fort Collins
✭ Connecticut: Hemlock Hardware, Fairfield
✭ Delaware: Fairfax Hardware, Wilmington
✭ Florida: Halls Ace Hardware & Lumber, Milton
✭ Georgia: Intown Ace Hardware, Decatur
✭ Hawaii: Lahaina Ace Hardware, Lahaina
✭ Idaho: D&B Supply, multiple locations
✭ Idaho: Selkirk Ace Hardware, Oldtown
✭ Illinois: Tonnies Hardware and Rental, Albers
✭ Iowa: Marcus Lumber Company, Marcus
✭ Kansas: Newton’s True Value Hardware, Independence
✭ Kentucky: Congleton Brothers Pro Home Center, Beattyville
✭ Louisiana: Budget Build Home Center True Value, Ferriday
✭ Maine: Ames True Value Hardware & Supply, Wiscasset
✭ Maryland: Dunkirk Do it Best Hardware & Home Center, Dunkirk
✭ Massachusetts: Baskin’s True Value, South Yarmouth
✭ Michigan: ACO Hardware, multiple locations
✭ Minnesota: Frattalones Ace Hardware, Minneapolis
✭ Mississippi: Complete Home Center, Hernando
✭ Missouri: Oak Hill Hardware & Paint Company, St. Louis
✭ Montana: Montana Ace-Trempers, Missoula
✭ Nebraska: C&L Hardware, Ashland
✭ Nevada: Home Hardware and Variety, Boulder City
✭ New Hampshire: Goffstown Ace Hardware, Goffstown
✭ New Jersey: McGrath’s Paint and Hardware, multiple locations
✭ New Mexico: Harts Home Center, Moriarty
✭ New York: Kelloggs & Lawrence Do it Best, Katonah
✭ North Carolina: Zoller Hardware, Cashiers
✭ North Dakota: Stockmen’s Supply, West Fargo
✭ Ohio: Applegate Pro Hardware, Georgetown
✭ Oklahoma: Hinton True Value Hardware, Hinton
✭ Oregon: Parkrose Hardware, Portland
✭ Pennsylvania: Bomberger’s Store, Lititz
✭ Rhode Island: Wyoming Do it Best Hardware, Wyoming
✭ South Carolina: Tri-County Ace, Seneca
✭ South Dakota: Runnings, multiple locations
✭ Tennessee: Ace Hardware of Chattanooga
✭ Texas: Guadalupe Lumber Co., San Antonio
✭ Utah: Sol Foods, Hardware and Camping, Springdale
✭ Vermont: J&H Hardware Do it Best, Bellows Falls
✭ Virginia: Randy’s Do it Best Hardware (multiple locations)
✭ Washington: Island Do it Best Home Center and Lumber, Vashon
✭ West Virginia: Boltz Hardware, Garden Center & General Store, Martinsburg
✭ Wisconsin: Watson Ace Hardware, Lake Mills
✭ Wyoming: Murdoch’s Ranch and Home Supply, multiple locations