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Sherwin-Williams Paint Stores Group buoys Q2

BY CSA STAFF

Another sign of further improvement in the nation’s housing market were results from leading paints manufacturer and retailer Sherwin-Williams, whose net sales for the quarter ended June 30 were $2.71 billion, up 5.5% from the same quarter last year.

Net sales in the Paint Stores Group increased 8% to $1.61 billion. The company’s total net income for the quarter was $257.3 million, up 12.9% from the second quarter of 2013.

"The Paint Stores Group architectural volume growth was strong across all end-market segments," siad Christopher Connor, chairman and CEO. The group opened 22 net new stores in the first six months, and is on track to open 70 to 80 new stores for the fiscal year.

Sherwin-Williams brands include Dutch Boy, Krylon, Minwax and Thompson’s Water Seal.

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Safeway Q2 net income and sales decline

BY Dan Berthiaume

Pleasanton, Calif. – Safeway reported a substantial decline in net income for the second quarter of fiscal 2013 as well as a drop in sales. Adjusted net income for the quarter was $8.4 million, compared to $122.7 million in the same quarter a year earlier. However, after adjusting for various legal expenses and loss from discontinued operations, net income for the quarter would have been $125.1 million.

Meanwhile, sales totaled $8.7 billion, a 1.6% decrease from $8.8 billion in the second quarter of fiscal 2012. Safeway cited lower fuel sales in 2013 and the disposition of its Genuardi’s stores in 2012, partly offset by a same-store sales (excluding fuel) increase of 1.2%, as driving this small decline in sales.

Robert Edwards, president and CEO of Safeway, said expected profits from its June agreement to sell its Safeway Canada division to Canadian food retailer Sobeys Inc., as well as the April IPO of its Blackhawk subsidiary, should improve the company’s performance going forward.

“We are pleased with the significant milestones we achieved this quarter,” said Edwards. “The substantial cash proceeds we expect to receive from the sale of our Canadian operations combined with the completion of the Blackhawk IPO will allow us to broadly enhance stakeholder value.”

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Overstock.com has strong Q2

BY Dan Berthiaume

Salt Lake City – Overstock.com reported substantial increases in net revenue and income for the second quarter of this year. Total net revenue for second quarter 2013 and 2012 was $293.2 million and $239.5 million, respectively, a 22% increase. The growth in net revenue was primarily due to a 21% increase in average order size, from $138 in second quarter 2012 to $167 in second quarter 2013.

Net income jumped an impressive 687%, from $470,000 to $3.7 million.

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