Industry Updates: Home Center and Hardware Chains – March 2015
Boise Cascade has officially named Tom Corrick to be the successor to long term CEO Tom Carlile, who had announced his pending retirement after 42 years with the company, effective March 6, 2015, Corrick, who was recently named COO in 2014, will assume the role of chief executive. Mr. Corrick has been with the company for 31 years. Mr. Carlile has been serving as CEO of Boise Cascade since 2009.
Boise Cascade has announced that In addition to having Tom Corrick step in as its new CEO, the company is also having the recently retired Tom Carlile take Duane McDougall’s place as Chairman of the Board. McDougall resigned effective March 7, a day after Carlile’s planned retirement from his post as CEO. He will, however, maintain his position as a director of the board.
Cedar Creek has promoted D. Wayne Trousdale from COO to CEO.
Family Farm & Home has announced a major transformation in its executive management structure. This features the passing of the torch from President and CEO Al Fansler to his son, Tim Fansler, and son-in-law, Bob Tarrant. Bob and Tim are now serving as Co-Presidents of the company, with Al on board as Chairman and CEO.
The Hillman Companies has hired a new CFO, though he’s joining first in a transitional capacity. Jeffrey Leonard started as Executive VP Finance beginning on March 16, and he will assume his role as CFO on April 1.
Louisiana-Pacific Corporation announced several internal changes to its executive management team:
- Mike Sims will become Senior VP Sales and Marketing. He will replace Rick Olszewski, Exec VP Sales, Marketing and South America, who is retiring from LP. Frederick Price, President of LP South America, will report directly to CEO Curtis Stevens.
- Brad Southern will become Executive VP OSB (Oriented strand board), replacing Jeff Wagner, who will retire from LP mid-year. In the interim, Wagner will be Exec VP Growth and Innovation, reporting directly to Stevens.
- Brian Luoma will serve as Exec VP Siding, replacing Southern in that position.
- Neil Sherman will become Senior VP, EWP (Engineered Wood Products), replacing Luoma in that position.
The National Association of Home Builders (NAHB) has named Woods as new Chief Marketing Officer.
Orchard Supply Hardware, a division of Lowe’s, has named Bob Tellier as the company’s President. Tellier was formerly Senior VP of Marketing and Merchandising for the West Coast chain with stores in California and three in Oregon. Lowe’s executive Richard Maltsbarger had previously held the title of OSH president. Maltsbarger, who also serves Lowe’s as Director of New Business Development, will continue to oversee the company’s stand-alone, West Coast operation.
PPG Industries announced that David Navikas, Senior VP Strategic Planning and Corporate Development has retired.
PPG Industries has updated its executive management structure with the appointment of a new president. Michael McGarry, the COO, will now be President and COO.
Ace Hardware Corporation reported total fiscal 2014 revenues of $4.7 billion, an increase of $546.3 million or 13.2 percent. Fiscal 2014 consisted of 53 weeks compared to 52 weeks in fiscal 2013. The 53rdweek added approximately $49.4 million in revenues. Excluding the 53rdweek, revenues increased $496.9 million or 12.0 percent as compared to fiscal 2013.
Boise Cascade happily announced results for the fiscal year ended Dec. 31. For the full fiscal year, Boise Cascade generated $3.6 billion in sales, up 9.2% from the previous year.
Builders FirstSource, Inc. reported its results for the fiscal year ended December 31, 2014. Sales for the full year were up about 7.7% to $1.6 billion.
Havertys reported earnings for the full year ended December 31, 2014. The company reported that net sales increased 3.0% to $768.4 million. Comparable store sales were up 3.6%.
Home Depot announced that for the past fiscal year net sales increased 5.5% to $83.176 billion.
Huttig Building Products Inc. announced that annual net sales have increased to $623.7 million for the fiscal year ending December 31, 2014. This figure represents a 11.08 % increase from the $561,5 million the company reported from the previous year.
Lowe’s Companies, Inc. reported that for the fiscal year ended January 30, 2015, sales were $56.2 billion, a 5.3 percent increase over the same period a year ago, and comparable sales increased 4.3 percent on a consolidated basis and for the U.S. business.
Lumber Liquidators announced financial results for the full year ended December 31, 2014. Net sales increased 4.7% to $1.05 billion in 2014 from $1.0 billion in 2013.
Sears Hometown and Hardware Stores announced annual financials for the fiscal year ended January 31, 2015. Annual net sales decreased to $2.356 billion from a total of $2.422 billion from the previous year.
Stock Building Supply Holdings reported its annual financials for the fiscal year 2014. Net annual sales of $1.3 billion represented an 8.2% improvement over 2013′s $1.2 billion in annual sales.
Universal Forest Products announced financial results for 2014. For the full fiscal year, net sales of approximately $2.7 billion marked a 7.7% increase over 2013.
Mergers and Acquisitions
PAL and ENAP, Inc. announced that they have received shareholder approval on merging the two cooperatives. The newly merged cooperative will be called LBM Advantage, Inc. A mid-year transaction is anticipated. The two cooperatives will begin immediately the due diligence process as well as the planning necessary to integrate their operations and systems. Together, LBM Advantage’s combined membership will span 33 states and include 447 member companies operating 742 lumberyards.
LBM Advantage, Inc. plans to operate out of three locations in New Windsor, N.Y., Grand Rapids, Mich., and Monroe, La. The new cooperative will further utilize these locations to provide a national footprint with regional expertise as it continues its geographic expansion.
US LBM Holdings acquired Lampert Lumber, the 33-location, Minnesota-based, fourth-generation lumberyard company owned by Dan Fesler. Fesler, will remain with the company as an advisor. Bob Egan will keep his role as President of St. Paul, Minnesota-based Lampert Lumber, leading day-to-day operations with his existing team, according to the announcement.
Busy Beaver Building Centers, Inc. based in Pittsburgh will open its newest full-line home improvement center at the Marion Square shopping center in Fairmont, West Virginia. Scheduled to open by June, the Fairmont location is the 16th for the company and the second expansion under new owner and CEO Joseph Kallen.
Havertys is planning to open four new stores in fiscal 2015.
The Home Depot expects to open six new stores in 2015.
Lowe’s expects it will open between 15 and 20 stores in 2015.
Lumber Liquidators anticipates opening of a total of 30 to 35 new store locations and remodeling of a total of 15 to 20 existing stores, all in the expanded showroom format.
Tractor Supply Company will open 110 to 115 stores and build a new Southwest distribution center, in Casa Grande, Arizona. Tractor Supply Company has increased its domestic store growth target to 2,500 stores from 2,100 stores.