Sears sees income fall in the second quarter
Sears Holdings reported sales of $12.2 billion, down 4.7 percent from $12.8 billion last year. The company recorded net income of $176 million, down 40.1 percent from $294 million last year.
The lower results reflect lower operating results at Sears stores in the United States and Kmart stores, the company said in a statement. Sears Canada partially offset the poor performance, the company said.
“We are disappointed with our second quarter results,” said Aylwin Lewis, CEO of Sears Holdings. “In response, we are enhancing our marketing message to more clearly articulate the advantages of our products and service offerings.”
Sears’ domestic comparable-store sales fell 4.3 percent in the quarter, while comparable-store sales fell 3.8 percent at Kmart stores, leading to a decline in total domestic comparable-store sales of 4.1 percent.
Additionally, the company announced it has opened a new 782,000-square-foot direct delivery facility in Pendergrass, Ga. to serve the Alabama, Florida, Georgia, North Carolina, Tennessee and Kentucky markets.
Based in Hoffman Estates, Ill., Sears Holdings operates approximately 3,800 full-line and specialty retail stores in the United States and Canada.
Sherwin-Williams to acquire Columbia Paint & Coatings
Paint and coatings giant Sherwin-Williams has announced it will acquire Spokane, Wash.-based Columbia Paint & Coatings. Terms of the deal were not disclosed.
Columbia operates 41 company-owned stores in the Northwest and West regions of the United States. Operations are located in South Dakota, North Dakota, Wyoming, Montana, Utah, Idaho, Nevada, Oregon, Washington, Alaska and Arizona.
Columbia caters to professional painting contractors, builders and DIYers. The company has been in operation for 60 years. Columbia will be merged into Sherwin-Williams and become a subsidiary of the Cleveland-based company.
“We at Columbia Paint are very excited about this merger and are confident that it will allow us to provide a stronger level of service and support to our customers, both now and in the future,” said H.H. Larison, CEO of Columbia Paint & Coatings.
“After the transaction is completed, Columbia’s paints and coatings will continue to be provided through Columbia’s existing stores,” explained Sherwin-Williams CEO Christopher Connor.
Sherwin-Williams operates 3,226 company-owned stores in the United States and manufactures paint and coatings under the names Dutch Boy, Krylon, Minwax and Thompson’s Water Seal.
Alcoa to close Georgia aluminum products facility
Aluminum products giant Alcoa will close a Tifton, Ga., soft-alloy extrusion plant and sell two others, in Plant City, Fla., and Warren, Ohio, for an undisclosed sum.
The facilities manufacture building materials, such as window frames and door frames. No buyer could be found for the Tifton plant, the company said in a statement. Pittsburgh-based Alcoa said about 200 employees work at the Tifton plant, which is expected to close in October.
In June, Alcoa contributed nearly all of its soft-alloy extrusion business into a joint venture with Sapa Group.
Alcoa produces a wide range of aluminum products for the building and construction market, as well as automotive, aerospace and transportation markets.