Sherwin-Williams profit up 30% in Q4
Cleveland Sherwin-Williams Co. announced that its fourth-quarter profit rose 30% as it cut costs, but sales of its popular paint products slowed, dragging down revenue.
Chairman and CEO Christopher M. Connor said the company was “encouraged by our earnings performance in the last half of the year resulting primarily from the appropriate steps taken by our operating segments to control costs and improve efficiencies.”
“We are beginning to see some stability in our sales to certain market segments, although demand in most end markets remains weak and industry-wide volume is down significantly from peak levels achieved a few years ago,” he said.
For the three months that ended Dec. 31, the company earned $65.3 million, up from last year’s profit of $50.2 million. Revenue slipped nearly 6% to $1.6 billion from $1.7 billion a year ago.
For the full year, Sherwin-Williams earned $435.8 million, down nearly 9% from last year’s profit of $476.9 million.
Full-year revenue fell 11% to $7.09 billion.
Borders chief resigns
ANN ARBOR, Mich. Borders announced that Ron Marshall has resigned as president, CEO and a director of the company, effective immediately, to accept the role of CEO at another retailer.
The company has named EVP and chief merchandising officer Michael Edwards as the interim CEO. Edwards is a 26-year retail veteran with CEO experience who joined Borders in September 2009 and has been leading the merchandising and marketing teams.
“We have a clear commitment to drive the top line at Borders Group and there will be no interruption of our strategic plans and efforts to focus with great energy and determination on this goal during the transition,” said Edwards.
Jo-Ann joins ArtFire to help artisans sell their wares
HUDSON, Ohio Jo-Ann Fabric and Craft Stores announced that it has partnered with ArtFire, an online artisan community, to provide sewers and crafters with the tools they need to create and sell their goods.
“By partnering with ArtFire, Jo-Ann is able to provide sewers and crafters all the tools they need to make and sell their products,” said Riddi Kline, SVP marketing, at Jo-Ann Fabric and Craft Stores. “In stores and online at Joann.com, customers can shop for all their materials and find inspiration for projects. Cards and gift wrap in our stores complete the process for those creating handcrafted gifts, and now, those customers who sell their creations can do so through the Jo-Ann community at ArtFire.com.”