Wal-Mart amends expenditure plans
Wal-Mart, the country’s third largest retailer of home channel goods, has trimmed its capital expenditure plan for the year.
The Bentonville, Ark.-based chain plans to spend $13 billion to $14 billion on growth plans for fiscal 2009, amended from an original plan to spend $13.5 billion to $15.2 billion.
“We first announced our capital efficiency model and reduction in capital expenditures in June 2007,” noted Tom Schoewe, Wal-Mart’s chief financial officer. “We continue to be focused in the United States on moderating supercenter growth.”
Wal-Mart will report U.S. comparable-store sales for the June sales period on July 10. The retailer also said it plans to update its earnings guidance for the fiscal year at that time.
Wal-Mart earlier said it would slow the number of planned U.S. supercenter store openings this year by more than 25 percent. The company’s growth plan calls for 190 to 200 new supercenters in the United States during this fiscal year and about 170 supercenters each year for the next three fiscal years.
EPA fines home builders for storm water violations
In a major crackdown against violations at construction sites, the Environmental Protection Agency (EPA) and the U.S. Justice Department have announced agreements with four major home builders. Centex of Dallas; KB Home of Los Angeles; Pulte Homes of Bloomfield Hills, Mich.; and M.D.C. Holdings of Denver agreed to pay a total of $4.3 million in fines and penalties. Combined, the four builders accounted for more than 124,000 home closings in 2006.
The companies named in the settlements allegedly failed to obtain permits before clearing land for subdivisions and to prevent dirt, silt and other runoff materials from leaving 2,202 construction sites in 34 states from 2001 to 2005.
Along with the federal government, seven states will share in the settlements based on the number of sites within each state. Those states include Colorado, Maryland, Virginia, Missouri, Nevada, Tennessee and Utah.
The settlements are the latest in a series of enforcement actions to address storm water violations from construction sites around the country. A similar consent decree, reached in February with Home Depot, required the company to pay a fine of $1.3 million and establish a comprehensive storm water compliance plan to prevent future violations.
Mythic Paint names Sherwin-Williams, Ace veteran as vp
Mythic Paint, the Hattiesburg, Miss.-based no-VOC paint company, has announced Bud Moses will serve as vp-sales and marketing and will help spearhead a planned television and print advertising campaign.
Moses has served in the coatings industry for 20 years, most recently with Ace Hardware, where he served as a senior district sales representative. Prior to that, he spent 10 years with Sherwin-Williams as a sales representative. He also has worked as a retail development specialist for Do it Best.
Moses will be responsible for national and international retail and trade sales for Mythic. He also will be heavily involved with what the company called an “extensive marketing campaign,” scheduled to launch in July for the company’s line of zero-VOC paint, which features a 1,232-color palette.
“Bud brings with him a unique blend of experience in ‘real world’ store management, direct and international sales and marketing not easily found in our industry,” said Rocky Prior, president of Mythic Paint.
Mythic Paint, a subsidiary of Southern Diversified Products (SDP), was developed in cooperation with the University of Southern Mississippi.