Sherwin-Williams net income jumps 13% in Q2; 80-90 new stores planned
Cleveland – Higher pretax income and gross profit helped push net income at The Sherwin-Williams Company up 13% in the second quarter of fiscal 2014 to $291 million, from $257 million in the year-ago period.
Net sales rose 12% to $3.04 billion from $2.7 billion, primarily due to higher paint sales volume in the paint stores group and acquisitions.
Sherwin-Williams plans to open 80 to 90 new stores in its paint stores group during fiscal 2014. Consolidated earnings per share and net sales are expected to rise both for the third quarter and full fiscal year 2014.
“We are pleased with the continued strong positive sales and earnings per share momentum,” said Christopher M. O’Connor, chairman and CEO. “Our Paint Stores Group continues to lead with sales volume and operating results. The Paint Stores Group architectural volume growth was strong across all end market segments.”
Market Basket employees threaten walkout
Tewksbury, Mass. – A group of Market Basket employees known as “Save Market Basket” have threatened to walk off the job as of 4:30 p.m. ET on July 17 if former CEO Arthur T. Demoulas is not reinstated. Demoulas had been waging a public battle with his cousin Arthur S. Demoulas, a stakeholder and director of the company, about finances when he was fired by Market Basket operator Demoulas Super Markets Inc. in June.
The board of directors of Demoulas Super Markets elected retail executives Felicia Thornton as COO and Jim Gooch as chief administrative officer, and the two will serve as co-CEOs. In an open letter to Thornton and Gooch on Facebook, Save Market Basket said Arthur T. Demoulas must be reinstated will full, non-negotiable authority and that a non-answer by the deadline will be considered a no.
Thornton and Gooch have publicly said they do not have authority to reinstate Demoulas, and that only the board can restore him to his position. It is unclear how many employees might participate in a walkout, whether it would include managers, warehouse workers, and/or store associates, and how long it would last. Demoulas remains a company shareholder.
Ross Stores opens two new Kansas City stores July 19
Dublin, Calif. — Ross Dress for Less will open two new stores in the Kansas City area on July 19. The stores include The Shoppes at Liberty Triangle in Liberty, Missouri, and Quivira 95 Shopping Center in Overland Park, Kansas.
These new openings are part of the retailer’s 2014 expansion program, totaling approximately 75 new locations during the year.