Lowe’s Q3 profit up; raises forecast
Mooresville, N.C. — Lowe’s Cos. net income rose 26% in the third quarter, just short of projections, amid the housing market’s ongoing resurgence. The retailer raised its fiscal 2013 outlook, but its earnings forecast was still below expectations.
Lowe’s earned $499 million for the period ended Nov. 1, up from $396 million last year. Its earnings were a penny per share short of Wall Street expectations.
Revenue rose 7% to $12.96 billion from $12.07 billion, beating analysts’ predictions. Same-store sales increased 6.2%.
"I am pleased we delivered another solid quarter driven by balanced performance," commented Robert A. Niblock, Lowe’s chairman, president and CEO. "This balanced performance resulted from our improved collaboration and execution within a strengthening home improvement market, combined with our employees’ hard work and continued dedication to serving customers.”
"The home improvement industry is poised for persisting growth in the fourth quarter and further acceleration in 2014," Niblock added.
Staples swings to profit but sales fall
Framingham, Mass. — Staples reported net earnings of $135.2 million for the third quarter ended Nov. 2, compared with a loss of $596.2 million a year earlier.
Sales fell to $6.11 billion from $6.35 billion as the retailer was challenged by soft demand for its products and closed stores in Europe and North America. Same-store sales in North America, excluding sales through Staples.com, fell 3%.
"We continue to face weak demand for core office supplies, but we’re driving growth online and in new categories, while aggressively managing expenses," said chairman and CEO Ron Sargent.
H.J. Martin and Son helps Penney complete in-store shops project
Green Bay, Wis. — H.J. Martin and Son helped J.C. Penney add two new in-store shops: Disney and GiggleBaby.
Fifty crews of two people – 100 total – from H.J. Martin were dedicated to the project, which spanned two-and-a-half weeks from mid-September until early October. In all, H.J. Martin performed the work in 218 Penney stores across the United States, with the exception of the south and southeast.
Work in each location was performed over a two-day period while the store was open, requiring H.J. Martin staff to exhibit the soft skills they are known and trained for. Crews installed wall graphic panels, assembled and positioned the new wall and floor fixtures, and hung ceiling signs in both shops.
In approximately 100 of the Penney stores, H.J. Martin personnel also hung a sign over the Carter’s in-store shop.
Before starting each store, the H.J. Martin crews coordinated the de-merchandising of the existing materials in the new Disney and GiggleBaby locations with Penney personnel. They also unloaded and inventoried the delivered Disney materials, and coordinated the missing or damaged items with store leaders.
“We appreciate the confidence J.C. Penney showed in us,” says Bret Woodland, who oversaw the work for H.J. Martin. “This particular project took a great amount of coordination between our employees and those of J.C. Penney to complete it within the desired window. It was a company-wide effort to get it done.”