Ace Hardware said this week it saw record Q4 revenues of $2.1 billion, an increase of $577.6 million or 39.2 percent, from the fourth quarter of 2019. Net income for the quarter was $43.1 million, up $39.6 million from a year prior. Full-year revenues rose by $1.7 billion (27.9 percent) to a record $7.8 billion. Net income for fiscal 2020 was $316.9 million, which was $176.5 million higher than in 2019.
All posts by Geoff McLarney
Home resales set new record in January
Sales of existing homes climbed by two percent in January, according to the Canadian Real Estate Association (CREA), setting a new all-time record.
The seasonally adjusted activity was running at an annualized pace of 736,452 units, already beating CREA’s total forecast of 583,635 sales for 2021. Actual (not seasonally adjusted) sales activity posted a 35.2 percent gain, year over year, in January. The number of newly listed homes dropped by 13.3 percent, led by double-digit declines in the Greater Toronto Area, Hamilton-Burlington, London and St. Thomas, Ottawa, Montreal, Quebec, and Halifax-Dartmouth.
Stimulus spending boosts U.S. retail sales
Retail sales in the U.S. rose 5.3 percent in January, exceeding economist expectations of a 1.2 percent increase. Excluding automobiles, sales were up 5.9 percent, compared to a forecast of just one percent. Additional stimulus funding approved by Congress a month prior furnished American consumers with cheques for $600, which they used for a wide range of goods. Gains were logged across all major categories, with sales LBM and garden supply dealers spiking by 13.7 percent.
U.S. housing starts plunge to two-year low in December
WASHINGTON — Housing starts in the U.S. declined by 11.2% in December to a rate of 1.08 million, according to the Commerce Department, the lowest since September 2016. The drop affected both single-family dwellings and apartment buildings. In the past 12 months, housing starts have fallen a total of 10.2%. Meanwhile, building permits edged up 0.3 per cent in December, with single-family permits down 2.2% from November and 5.5% from the previous year.
King Marketing’s sales meeting goes national
MISSISSAUGA, Ont. — King Marketing moved this year from holding regional sales meetings to a single national sales meeting, which took place in Niagara Falls earlier this month. King invited 10 of its key manufacturers to present to the 55 King sales representatives and managers in attendance. Key manufacturer principles provided training sessions that included hands-on workshops. After team-building events in the evenings, the week concluded with King’s annual awards, including the presentation of the Peddler of the Year award to Jim Calce, a key account manager based in Ontario.
Lampert seeks partner for bankruptcy financing
HOFFMAN ESTATES, Ill. — Sears Holdings chairman Eddie Lampert is in talks with investment firm Cyrus Capital Partners about financing part of a $300 million bankruptcy loan, sources have told Reuters. Cyrus currently holds a portion of Sears’ debt. The loan is separate from another $300 million loan the company’s banks have offered. According to the sources, Lampert is also being urged to replace the bank loan with his own funds, which would leave him potentially contributing to bankruptcy loans of $600 million in total.
ClarkDietrich acquires StructaWire stake
WEST CHESTER, Ohio ― Steel framing products maker ClarkDietrich announced this week that it has acquired 50% ownership of Structa Wire Corp, which manufactures welded wire products for the lath and plaster industry. Vancouver-based Structa Wire was founded by Abe and Jeff Sacks more than 20 years ago. Today, it designs and manufactures products to improve the performance of stucco for steel and wood-framed construction, including brands such as StructaLath, MegaLath and Structa Corner. It will continue under its own management.
