Sales are up, again, at Home Depot
The world’s largest home improvement retailer continued to ring up big numbers for the quarter and the full year. Atlanta-based The Home Depot showed reported fourth quarter net sales of $23.9 billion, up 7.5% from the same quarter last year.
Comp-store sales in the U.S. were positive 7.2%, as the company pointed to a commitment to the interconnected retail experience.
Net earnings in the fourth quarter were $1.8 billion, up slightly from $1.7 billion in the same quarter last year. Earnings were impacted by a combination of the Tax Cuts and Jobs Act of 2017 and a one-time bonus payment to hourly associates, the company said.
“Our ongoing commitment to enhance the interconnected retail experience for our customers, provide localized and innovative product and deliver best-in-class productivity resulted in record sales and net earnings for 2017,” said Craig Menear, chairman, CEO and president.
Among the digital initiatives were the implementation of a new e-commerce platform, enhanced search and mobile functionality, increased checkout speed and expanded chat functionality to improve the customer experience with online contact centers, the company said.
Menear said online sales grew 21% in the fourth quarter and 21.5% in fiscal 2017. Online sales now make up 6.7% of total sales.
Senior VP of merchandising Ted Decker reported strength across the store in the fourth quarter, with the pro customer leading the charge. Lumber, electrical, and tools had double-digit comps in the quarter.
At the end of the fourth quarter, the Company operated a total of 2,284 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.
For the full year, the company reported big numbers: total sales of $100.9 billion marked an increase of 6.7% from the prior year. Comps for U.S. stores were positive 6.9%.
Looking ahead, the company expects to open a mere three new stores in 2018, maintaining its approach to grow the business through its existing footprint. Fiscal 2018 guidance also includes comparable-store sales growth of about 5.0%.
Masonite names new HR boss
Masonite International Corporation has appointment Bob Paxton as senior VP, human resources, effective Feb. 26.
Paxton will be responsible for all human resource related activities at the company and will report directly to Fred Lynch, president and CEO.
Bob joins Masonite from Owens Corning where he served in various human resource and operational roles since 2010, most recently as VP of human resources for Owens Corning’s Composites business. While leading human resources for Owens Corning’s Building Materials business, Paxton led the overall integration of two major acquisitions as VP of business integration.
“With more than 20 years of progressive leadership experience, Bob is a seasoned human resource professional who exhibits great energy and passion for creating a strong and sustainable culture where People are Key,” said Fred Lynch. “We believe his track record of success and breadth of responsibilities, including both global assignments as well as business integration, make Bob a strong addition to the Masonite Leadership Team.”
Based in Tampa, Fla., Masonite is a global designer and manufacturer of interior and exterior doors for the residential new construction; the residential repair, renovation and remodeling; and the non-residential building construction markets.
HBSDealer Stock Watch: More gains on Friday
Wall Street volatility settled down to a mild running of the bulls on Friday. The majority of stocks tracked by HBSDealer showed gains. Leading the percentage gainers was BLDR, up 3.4%. In the other direction, EXP declined 3.6%.