Valspar sees sales jump 25.3% in Q1
Minneapolis-based paint and coatings giant Valspar posted first-quarter sales of $842.4 million, up 25.3% compared with the same quarter last year.
Net income for the quarter ended Jan. 28 was $33.4 million, down 1.5% from $33.9 million last year.
“Results for the quarter were in line with our expectations,” said William L. Mansfield, Valspar chairman and CEO. “Our Australian paints acquisition and the continued success of our pricing and new business efforts drove our double-digit top line growth."
In late January, Valspar announced price increases for its liquid coil and extrusion coatings product line effective April 1 and March 1, respectively. The increases range from 6% to 10% depending on the product type. The increases are the result of rising costs of raw materials, the company said.
"Looking ahead, we remain focused on addressing continuing upward pressure on raw material costs through pricing and productivity," Mansfield said.
Around the Web: It’s Seattle’s turn for home price deflation
According to an article in the New York Times, the housing crash is hitting cities once thought to be stable. Case in point: Seattle.
Home prices in Seattle last year had a bigger decline than home prices in Las Vegas, the article reports.
Canadian Tire doubles earnings in Q4
Canadian Tire reported gross revenues of $2.5 billion for its fourth fiscal quarter of 2010, a 4% rise over the same quarter a year ago. Same-store sales for the quarter dropped 0.4%, however.
Consolidated retail sales for Canadian Tire rose 2.4% in the fourth quarter to $3.1 billion.
For the year, gross revenues rose 3.4% to $9 billion. Consolidated retail sales rose 3.1% to $10.3 billion.
Same-store sales rose 0.8% for the full year.
Headquartered in Toronto, the 485-unit retail chain earned $181.1 million for the fourth quarter of 2010, ended Jan. 1, 2011. This represents an 88.2% jump from $96.2 million a year ago. Profits for the full year were $453.6 million, a 35.4% increase.