Snap-on Tools comes out strong in Q2
Manufacturer Snap-on Tools came out strong in the second quarter despite housing market pressures and a weak consumer market, posting an earnings gain of 52.7 percent to $66.9 million compared with $43.8 million in the year-ago period.
Sales were up 7.6 percent to $766.1 million from $711.9 million in the same period last year.
Snap-on president and CEO Nick Pinchuk said the company overcame some “macroeconomic challenges” with the help of a “global and diverse customer base.”
The company’s three main operating groups performed as follows:
• The Snap-on Tools Group saw sales rise 3.1 percent to $292.8 million. International sales helped offset declines in North America — sales in the United States dropped 4.1 percent, the company noted.
• The Commercial and Industrial Group saw segment sales of $387.7 million, up 16.9 percent from the prior year, on stronger global power tool sales. “Continued growth in emerging markets, increased sales of imaging alignment systems and higher sales of professional tools in Europe also contributed to the year-over-year sales increase,” the company said.
• The Diagnostics and Information Group had segment sales of $164.8 million, down slightly from last year on lower OEM program sales.
In the coming year, Snap-on said it plans to continue growth initiatives, particularly by expanding its presence in the “emerging markets of Asia/Pacific and Eastern Europe.”
Snap-on Tools is based in Kenosha, Wis.
Lawsuit in Sears lawn mower incident
A woman is suing Sears over a 2006 incident in which a lawn mower fell off a shelf at a Beaumont, Texas, store, injuring her foot.
According to the Southeast Texas Record, Lynda Roberson said in her lawsuit, filed with the Jefferson County District Court, that Sears failed to “warn customers of the hazards of the lawn mowers being placed on overhead racks.”
The suit also alleges the retailer was negligent in maintaining the rack — the filing states, “suddenly and without warning the lawn mower came off the rack, striking her on the foot and knocking her back” into display mowers on the store’s floor.
Roberson is suing for $30,000 in damages, according to the report.
Home Depot plans RDC in South Carolina
Home Depot will build a new rapid deployment center, part of a larger initiative to transition to a more efficient supply chain system, near Dixiana, S.C., a spokesperson confirmed.
Dixiana is located in Lexington County, in the central part of the state.
The deployment center represents an approximately $25 million investment and is expected to employ about 300 people.
The center is expected to be built within the next three years, though no construction date has been set.
The RDC will serve stores in the Carolinas, Tennessee and Georgia.