Sherwin-Williams lowers guidance for the year
Sherwin-Williams expects lower net sales in the 2008 fiscal year, a reversal of a formerly anticipated sales gain in the low single digits.
The “significantly lower expectation” of per-share income is due to the “expected continuation of the unprecedented downturn in the U.S. housing market and rapidly rising raw material cost increases.”
Sherwin-Williams is doubly hurt by rising petroleum costs, because it uses petroleum both for shipping needs and raw materials for paint products.
For the same reasons, the company also lowered its second-quarter earnings-per-share guidance. Sherwin-Williams plans a conference call to discuss the issues later today.
In other company news, the Cleveland-based retailer and manufacturer announced a $50,000 grant to the Cleveland Housing Network (CHN).
The city of Cleveland, which has struggled with poverty- and housing-related issues even before the downturn in the housing market, utilizes the CHN to offer lease-purchase agreements to low-income residents. Last week, Sherwin-Williams CEO Chris Connor and 30 company associates helped paint and rehab a home as part of the CHN lease purchase program.
HIRI elects new vp
The Home Improvement Research Institute (HIRI) has announced the appointment of David Fields to the position of vp.
In his new role, Fields will assist in leading the institute in home research projects that gauge trends in the market and profile the characteristics, attitudes and buying behaviors of consumer and professional remodeling customers.
Fields currently is responsible for guiding marketing strategy, planning and execution at decorative hardware company Hickory Hardware, as well as leading market research, according to a press release from the company. Additionally, he has served as an adjunct professor of marketing research at Belmont University, and brings to HIRI more than 20 years of experience in the marketing and research field.
HIRI is a membership-based, independent, not-for-profit organization of manufacturers, retailers, wholesalers and allied organizations in the home improvement industry.
Parr Lumber expands in Tacoma
Parr Lumber, the five-state pro dealer headquartered in Hillsboro, Ore., will open a new lumberyard in Tacoma, Wash., on June 2. The Tacoma store will join four other Parr locations in the Puget Sound area: a lumberyard in Everett, Wash.; and Parr Cabinet Outlets in Fife, Seattle and Lynnwood.
Michael Kruse, formally the manager at Parr Lumber’s Woodland, Wash., location, will serve as yard manager at the new Tacoma location. Tim Jeffries, Scott Ericson and Jason Behunin will oversee both regional operations and sales initiatives.
With reported sales of $372.7 million for 2007, Parr Lumber operates 41 lumberyards, retail outlets, component plants and cabinet shops in Oregon, Washington, California, Arizona and Utah.