Westlake Ace Hardware signs deal with Ink-O-Dem
With a nod toward sustainability, Lenexa, Kan.-based Westlake Ace Hardware will offer an inkjet cartridge refilling service at six stores.
Through a partnership with Ink-O-Dem, the 88-store retail chain said it intends to increase its focus on sustainability. "Adding Ink-O-Dem’s ink cartridge refilling service just makes perfect sense as it is convenient, green and affordable," said Boyd White, corporate merchant of Westlake Ace Hardware. "We will have this new service in six of our Olathe, Lawrence and Topeka, Kan., area stores initially and plan to expand the rollout from there."
The service begins Aug. 8. Participating stores can now refill 146 different inkjet cartridges, including the latest cartridges from HP and Canon.
In a press release announcing the move, Ink-O-Dem pointed to research from Lyra Research that showed more than 1 million inkjet cartridges are thrown into landfills every day, adding 60,000 tons of industrial grade plastic to landfills each year.
The cartride refill service is also available at Cartridge World, Hi-School Pharmacy, Walgreens and other major chains, according to Ink-O-Dem.
Westlake Ace Hardware was the Home Channel News 2011 Golden Hammer Retailer of the Year honoree.
HBT hardware expands in Albany, Ga.
According to an article in the Albanyherald.com, Hardware, Bolts, Tools and Tillage celebrated the grand opening of a new store in Albany, Ga., Friday.
Known as HBT, the company was founded in Tifton, Ga., in 1981. Its motto is, "We doze, but we never close," the article reported.
True Value Q2 revenue up, profit down
Chicago-based True Value Co. has reported revenue of $529.5 million for the second quarter ended July 2, up 0.4% from $527.5 million in the same period a year ago. Net margin totaled $21.8 million, down 16.8% from $26.2 million in the second quarter of 2010.
For the six months of fiscal 2011, True Value reported revenue of $977.3 million, up 2.2% from $956.1 million in the year-ago period. Comp-store sales to core domestic hardware store outlets were down 0.1%. The 2011 year-to-date net margin was $29.8 million, down 13.1% from $34.3 million in the first six months of 2010. Total debt increased $34.8 million to $179.8 million from one year ago.
"I am pleased with our revenue increase for the year, particularly given the poor spring season in April and May, as well as softening consumer confidence," said president and CEO Lyle Heidemann.
True Value cited higher vendor-direct shipments to certain affiliate and international members for its overall revenue increase. However, the company pointed to three factors for its profit decline: True Value absorbed $2.2 million of outbound transportation cost increases, primarily fuel, for its members; inbound freight costs from suppliers were up $1.2 million; and a $1.3 million increase in employee medical expenses.
"In spite of the economy, our retailers are continuing to invest in their stores," Heidemann said. "They have implemented approximately 606,000 sq. ft. of the Destination True Value format so far this year, and with the projects currently scheduled for the last half of the year, we should achieve our goal of implementing 1.25 million sq. ft. for this year."
True Value, which counts approximately 4,600 independent retailers as members of its co-op. It posted annual sales of $1.8 billion in 2010.