Home Center Operators and Hardware Chains Industry Updates
Beacon Roofing Supply has promoted Kent Gardner to Exec VP West Division.
Lowe’s Cos. promoted Rick Damron to the newly created position of COO. Gregory Bridgeford was promoted to Chief Customer Officer, also a new position, from Exec VP Business Development.
Louisiana-Pacific Corp. has announced the appointment of Curt Stevens as its new CEO. He replaces Rick Frost, who is retiring after seven years as chief executive.
Fastenal Company reported the financial results for the year ended December 31, 2011. Net sales for the year rose to $ 2.77 million from $2.27 million for the previous year.
Orchard Supply, in the
company’s first full-year fiscal earnings report since separating from Sears, posted the company’s sales in 2011 as $660.5 million. California
Mergers and Acquisitions:
MarJam Supply Co. has acquired a Lainhart & Potter, a 119-year-old
hardware and LBM dealer, with locations in West Palm and Juniper. Florida
Orchard Supply announced plans which include the opening of up to three new stores and the remodeling of up to six existing Orchard locations during fiscal 2012.
Tractor Supply Co. has increased its estimated domestic store growth potential to 2,100 locations from a previously estimated 1,800 stores. The company stated that over the past four years, they have effectively tested and established the viability of the Tractor Supply store model in small markets. This means that the company expects to generate a desirable rate of return on investment in these markets, which opens up additional growth opportunities for Tractor Supply stores.
In working toward its expanded goal of 2,100 stores, Tractor Supply will continue to target square footage growth of approximately 8% annually.
Canadian Tire Corp. has been honored with the Globe Award for Best Green Retailing Practices. The award is presented to the company that has demonstrated excellence in executing end-to-end sustainable practices and has made measurable environmental performance improvements to its retail operations.