November 30, 2017
Businesses Need To Prepare For Labour Shortage
The pending labour shortage is upon us, says Ken Jenkins, president of Castle Building Centres Group Ltd. Writing on his blog, ‘Insights,’ he says many businesses need a hiring strategy today to deal with the dearth of talent. One-third of Canadian employers struggle to find the skilled workers they need and those looking for unskilled workers are also struggling. “Ours isn’t the sexiest industry. It’s sometimes hard and demanding work, but we need to attract young workers and show them that they can thrive and succeed,” says Jenkins. With new cohorts coming up in the workforce, recruiters will need to align with new generation’s priorities such as work-life balance, professional development, flexibility, and challenging work. Businesses will have to find new talent where they live and that’s on social media. “This means having your own social media identity authentic and up-to-date.” Ultimately, new generations want the same things employees have always wanted – they just prioritize these benefits differently. “If you want the best (or even good) candidates, you’ll need to create a culture that’s engaging, with a path to growth and self-fulfillment. Otherwise, you may find yourself with employees who are not motivated and work only because they have a ‘job,’ not a fulfilling career. This does not serve your customers or your bottom line.”
Renovations To Drive Power Tool Demand
The power tools market is expected to grow at a compound annual growth rate (CAGR) of 4.6 per cent between 2017 and 2023, to reach $35.58 billion by 2023, says a report by Research and Markets. The key driving factors for the growth are the increasing urbanization, constant growth of the construction industry in emerging economies, increasing sales of commercial vehicles across the world, and rising demand for cordless tools. However, the high maintenance cost associated with power tools hinders the market growth. Electric tools will exhibit significant growth during the forecast period owing to the increasing adoption of cordless electric tools, which offers mobility and ease of use, by professional as well as DIY users. The increasing adoption of cordless electric tools over pneumatic tools is expected to drive the growth of the market during the forecast period. The increasing popularity of DIY trend among consumers is also driving the growth of the power tools market for residential/DIY applications. The report says remodeling and renovation projects are growing at a faster rate than new construction projects. Also, North America is expected to hold the largest market share during the forecast period.
RBC Launches Business App Dashboard
The Royal Bank of Canada (RBC) has launched ‘MyBusiness Dashboard,’ a tool that brings together key metrics from various online software into a single view to help owners make decisions to manage and grow their businesses. It provides business owners with a current and complete summary of their business performance at a glance – at any time, on any device – with no need to jump between multiple spreadsheets and apps or manually compiling and interpreting the data. By aggregating the right information into one easy-to-understand dashboard, business owners can plan ahead, allocate resources, and make more informed decisions that impact their bottom line. Users also have access to a list of apps that are curated by industry, including bookkeeping, workforce management, sales tracking, website analytics, and social media monitoring. Over time, owners can also see how they compare to industry peers through peer tracking capabilities and they can leverage industry benchmarking and best practices to further assist with daily decisions. The tool is free to any small business owner in Canada.
ADP Launches HR Tool
ADP Canada has launched ADP HR Assist, a human resources platform that gives small and medium-sized businesses the time and tools they need to professionally manage their people. It offers access to a number of the tools including instant access to everyday essential resources and tools, customizable and localized employee handbooks, and a help desk which gives business owners access to HR experts who can provide guidance and answers to challenges
Vandermay Named CTO
John Vandermay is chief technology officer with retail point-of-sale provider Lightspeed. Previously, he was chief technology officer with Visto.
eCommerce Strong At IKEA Canada
As IKEA Canada celebrates 40 years in Canada this year, it had total sales of $2.17 billion for its fiscal 2017, an increase of 5.9 per cent over the previous fiscal year. The retailer had 95 million online visits in 2017 and a 26.7 per cent increase in eCommerce sales. The company opened 12 collection points across the country, broke ground on a customer distribution centre in Quebec, and announced plans to build a third distribution centre in British Columbia. In-store visits reached 28 million for the year. The company also continued with its sustainability goals; it now has 55 turbines that generate enough electricity equivalent to power 54 IKEA stores. It also now has five rooftop solar installations. As well, sales for sustainable and energy efficient products rose seven per cent for the year.
November 29, 2017
Bill 148 Is Now Law
Bill 148, the ‘Fair Workplaces, Better Jobs Act, 2017,’ has received Royal Assent and is now law. This bill makes significant changes to the workplace laws of Ontario, says Hicks Morley in its ‘FTR Now’ bulletin. Bill 148 amends the Employment Standards Act, 2000 (ESA), the Labour Relations Act, 1995 (LRA), and the Occupational Health and Safety Act (OHSA). Employee classification requirements are effective immediately, while extended parental leave, critical illness leave, and consequential record-keeping amendments coming into effect on December 3. Equal pay for equal work – changes to Part XII of the ESA – is effective April 1. New scheduling provisions will start January 1, 2019. This includes the new minimum on-call pay and minimum cancellation pay and the new right to request changes to work schedules or locations. The amendments to the OHSA (generally prohibiting a requirement for elevated heels, subject to limited exceptions) are also now in force.
Timmins Store Joins TIMBER MART
Timmins Home Improvement Centre has joined TIMBER MART. The Timmins, ON, hardware store offers 8,000 square feet of retail space and is owned by Roger Gagnon and his sons, Shawn and Jason. They joined TIMBER MART to focus on hardlines buying power and low-cost marketing support. The Gagnons bought the business in 2010 and have been expanding product lines in their market.
Quebec RONA Dealer Wins Awards
Yves Chartier and his retail business, Centre du Bricoleur RONA in Lachine, QC, have received a number of awards over the past month. The Chambre de commerce du Sud-Ouest de Montréal named Chartier its ‘Business Personality, Extraordinary Individual,’ which celebrates success and excellence among local businesses and innovative people who take risks and find ways of creating value. The borough of Lachine presented Chartier with the ‘Economic Development Award,’ which pays tribute to citizens, volunteers, and organizations working in the community. Most recently, Regroupement Affaires Lachine Inc. (RALI) selected RONA Lachine as one of its winners for ‘Gala des Piliers,’ which honours the businesses, shops, and organizations that form the backbone of its network.
Canadians Embrace Online Holiday Shopping
Sixty-five per cent of Canadians plan to do some or all of their holiday shopping online this season, says a survey by FedEx Express Canada. The fifth annual ‘FedEx Online Shopping Intentions’ survey reveals this as a 10 per cent increase over 55 per cent of Canadians that did any online holiday shopping in 2016. Shoppers in Ontario (68 per cent), Atlantic Canada (67 per cent), and British Columbia (67 per cent) represent the most likely to shop online this holiday season. The survey finds that three-quarters of online shoppers plan start their online holiday shopping before Cyber Monday, with less than one per cent planning to start one week before the holidays. While 87 per cent of survey respondents plan on doing their online holiday shopping from home, 76 per cent prefer to use their laptop or desktop over a mobile phone or tablet. Most Canadians say they like shopping online because it’s fast, efficient, and offers an opportunity to find a better selection of gifts. Eighty per cent of Millennials plan to shop online for the holidays, whereas 70 per cent of Generation X respondents (ages 35 to 54) plan to do so, and 50 per cent of those over 55 plan to do so.
Armstrong Selling EMEA, Pacific Rim Business
Armstrong World Industries, Inc. (AWI) plans to sell its EMEA and Pacific Rim businesses to Knauf International GmbH. This includes AWI’s joint venture with Worthington Industries, WAVE, in EMEA, the Pacific Rim, and France. Although exiting the EMEA and Pacific Rim regions, AWI says it will remain focused on its Americas ceilings business and plans to focus its investments and resources on its established core and architectural specialties ceilings and walls businesses. The transaction is anticipated to close in mid-2018.
Palliser Makes Moves
Jeff Katz is vice-president, stationary upholstery product development, with Palliser Furniture. He has extensive experience both as a retailer and in manufacturing. Brooke Barber is national accounts manager, Canada. Previously, she was national accounts manager at Natuzzi Americas. Demetre Daratzikis is sales manager, Canada. He joins the company from Sealy, where he has worked since 1992.
Earnings Slide At James Hardie
James Hardie had adjusted net operating profit of $73.9 million for the second quarter of its fiscal 2018 year, a decrease of one per cent compared to net operating profit in the second quarter of 2017. Adjusted EBIT was $104 million for the quarter, a two per cent decrease over adjusted EBIT in the year-ago period. Net sales increased six per cent to $525.8 million year over year. Volumes for the North America fibre cement segment decreased two per cent, while sales for this segment increased four per cent to $398.1 million. EBIT margin for this segment was 24.5 per cent for the second quarter.
November 28, 2017
RCR Seeks Creditor Protection
Quebec-based RCR International Inc., along with its U.S. subsidiary, W.J. Dennis Company & Company, is seeking creditor protection, while continuing normal operations. The company has been granted protection under the Companies’ Creditors Arrangement Act (CCAA), claiming a liquidity crisis and financial difficulties. It will also recognize and give effect to the CCAA filing through Chapter 15 in the U.S. Lower product demand, increased cash requirements, high level of debt, decreased sales, and three years of net loss have contributed to the crisis. The companies have commenced restructuring proceedings, says Mario Petraglia, president and chief executive officer of RCR. “We have been in productive discussions with our lenders regarding refinancing and it has become apparent that the best way to address our financial challenges is to undertake a formal restructuring process,” he says. RCR and W.J. Dennis are owned by private equity firm Peak Rock Capital.
Wholesale Sales Decline
Following two months of increases, wholesale sales declined 1.2 per cent to $62 billion in September, the second decline of 2017, says Statistics Canada. Decreases were recorded in five of seven subsectors, led by the personal and household goods. In volume terms, wholesale sales declined 1.1 per cent. In the third quarter, current dollar wholesale sales increased 1.5 per cent while constant dollar sales increased two per cent. For both current and constant dollars, this marked the sixth consecutive quarterly increase. The personal and household goods subsector reported the largest decline in dollar terms, dropping 4.8 per cent to $8.6 billion. This was the first decline since November 2016 and more than offsets the 3.2 per cent increase in August. Sales in the building material and supplies subsector increased 2.6 per cent to $8.9 billion in September, on the strength of gains recorded by the lumber, millwork, hardware, and other building supplies industry (+4.9 per cent). Wholesale inventories rose 0.6 per cent to $81.1 billion in September, the fifth increase in six months. The building materials and supplies subsector (+3.5 per cent) rose for the second consecutive month, on the strength of higher inventories in the lumber, millwork, hardware, and other supplies industry (+6.1 per cent). The electrical, plumbing, heating, air-conditioning equipment, and supplies industry also contributed to the increase.
Holiday Spending To Rise This Year
Canadians are showing little sign of cutting back on spending this holiday season. The vast majority of Canadians (86 per cent) plan to be as generous, or more, this year versus last year, with an anticipated average holiday spend of $570, says a poll by Ebates.ca. Those planning on taking advantage of holiday shopping events like Black Friday and Cyber Monday anticipate getting roughly one-third of their holiday shopping finished on these days (36 per cent on Black Friday and 33 per cent on Cyber Monday). Despite 22 per cent of Canadians who still plan on being last-minute shoppers, more Canadians are shopping early this year, with 31 per cent saying they have most of their holiday shopping done before the winter season starts, up from 28 per cent last year. The majority (82 per cent) of Canadians are turning to online shopping to avoid the chaos and plan to dedicate 38 per cent of their holiday spend online, versus 36 per cent last year. As well, 87 per cent of Canadians say they typically purchase gift cards as holiday gifts and just as many say they are happy when they receive gift cards. Two-thirds of shoppers redeem loyalty program points to purchase gifts and 59 per cent make a point of shopping with retailers that offer loyalty points, while 47 per cent make a point of shopping with retailers that offer cash back.
U.S. Home Sales Rise Unexpectedly
Sales of new U.S. single-family homes unexpectedly rose in October, hitting their highest level in 10 years amid robust demand across the country, says the Commerce Department. New home sales increased 6.2 per cent to a seasonally adjusted annual rate of 685,000 units last month. That was the highest level since October 2007 and followed September's slightly downwardly revised sales pace of 645,000 units. New home sales have now increased for three straight months. That together with last month's increase in homebuilding and sales of previously owned homes suggests the housing market could be regaining momentum after treading water for much of the year. Housing has been constrained by shortages of homes for sale, skilled labour, and suitable land for building. New home sales surged 18.7 per cent on a year-on-year basis in October. Despite the rise in sales, the inventory of new homes on the market increased 1.4 per cent to 282,000 units, the highest level since May 2009.
Rainy River Hardware Joins Castle
Rainy River Hardware has joined the Castle Building Centres Group Ltd. The retailer is based in Rainy River, ON, and located on the Rainy River, which forms part of the Ontario-Minnesota segment of the Canada-U.S. border. The full-service hardware retailer was established in 1981 and taken over almost 20 years ago by current owner Millie Lindal, who runs it with her sons Cory and Lance. They offer a full spectrum of hardware merchandise. The company chose Castle because they were able to remain independent, while benefiting from Castle’s support as a buying group. The store will hold a grand opening in January.
Six Ontario Stores Join RONA
Six affiliate stores have joined the Lowe’s Canada’s RONA network. Doidge Building Centres Ltd. and Mahood Lumber Company have six Ontario locations in Kincardine, Miller Lake, Bracebridge, Bradford, Welland, and Fort Erie that will now bear the RONA banner. The stores vary in size from 6,000 square feet to 16,000 square feet of retail and yard sizes range from 2.5 acres to 12 acres per store. All locations have a strong mix of retail and back end pro business. Owner Dennis Doidge joined the banner to focus on eCommerce, marketing, and branding.
Metro Group Launches Home Delivery Service
Metro Supply Chain Group Inc. now offers ‘Metro To Home,’ a last-mile delivery solution for manufacturers and retailers of appliances and other large and/or heavy items. This news follows the company's recent introduction of Metro Logistique à Domicile, which has already begun serving the Quebec region. The program partners with Clear Destination, a home delivery software developer, and now holds the exclusive rights to use its product throughout Canada. Metro To Home is the latest product to launch through Metro e24, a delivery service.
Manufacturers Ordered To Remove Lead Paint
In California, three paint manufacturers have been ordered to pay the state for the cost of removing lead paint from the interior surfaces of homes in 10 cities and counties. The Sixth District Court of Appeal in San Jose upheld a judge’s ruling that Conagra, NL Industries, and Sherwin-Williams had marketed lead paint for decades while aware of its health dangers. The original ruling applied to homes built before the government outlawed lead paint in 1978, but the court narrowed the ruling to cover only homes built before 1951, when the companies stopped advertising the products. The sum to be paid was originally $1.15 billion, but has been reduced to an estimated $400 million. The ruling will establish a state fund to strip lead paint from doors, windows, and floors of affected homes. Cleanup crews will also remove lead-containing dust and seal off or cart away contaminated soil.
Mohawk To Acquire Godfrey Hirst Group
Mohawk Industries, Inc. will acquire Godfrey Hirst Group, a flooring company in Australia and New Zealand, further extending Mohawk's global position. Mohawk presently operates a warehouse and sales network in Australia and New Zealand to distribute the company's wood, laminate, LVT, vinyl, and carpet products. Godfrey Hirst manufactures broadloom, modular carpet, and hard surface products for both residential and commercial applications. The transaction is expected to be completed during the first half of 2018.
Park Leads BuildDirect Through Restructure
Dan Park is chief executive officer of BuildDirect Technologies. Previously, he was chief operating officer. He replaces founder Jeff Booth, who left the company shortly before it filed for creditor protection early November.
Griffon Has Rising Revenue
Griffon Corporation has revenue from continuing operations of $431 million for the fourth quarter of 2017, an increase of 15 per cent compared to revenue of $374 million in the fourth quarter of 2016. Net loss for the quarter totaled $12 million compared to net income of $5.5 million in the prior year quarter. Segment adjusted EBITDA was $54 million, up 13 per cent from EBITDA of $47 million. The home and building products segment had revenue of $287 million for the fourth quarter, up 17 per cent year over year. The AMES Companies, Inc. revenue increased 17 per cent year over year. Increased U.S. garden tool and wheel barrow sales and improved Canadian snow tool sales contributed to the increase. The Clopay Building Products Company, Inc. revenue also increased 17 per cent, due to increased volume, pricing, and favourable mix.
Registration Open For DIY Summit
Registration is open for the ‘Global Diy Summit 2018.’ This year, summit topics include global economic and political overview, cooperation for growth, and the next generation of do-it-yourselfers. The keynote speaker will be Matt Schweickert, vice-president, strategic business development, USA, at the Home Depot. It takes place June 13 to 14 in Barcelona, Spain. Visit www.diysummit.org
November 27, 2017
Coalition Wants Time Before Tax Changes Implemented
Despite the federal government’s partial adjustments to its small business tax changes, business groups are still troubled about the potential negative effects the revised proposals will have on small- and medium-sized firms, says the Coalition for Small Business Tax Fairness, a unified voice of almost 80 organizations representing business owners across Canada. The coalition wants the government to slow down and allow time for genuine stakeholder input to help minimize any unintended consequences. In a letter to Bill Morneau, the finance minister, the organization says it is still concerned about certain tax changes in their current form. These include income sprinkling rules, passive investments, and intergenerational transfers. It says that with the complexity of these proposals, more analysis and consultation is needed to ensure that these changes do not harm small businesses, the backbone of the Canadian economy. The coalition says it is ready to work with the government to find solutions that won’t adversely affect small business’ ability to grow, innovate, and create jobs. For more information and to get involved, visit www.smallbiztaxfairness.ca
Apartment Construction Prices Inch Up
Contractors' prices for the construction of new apartment buildings rose 0.8 per cent in the third quarter compared with the previous quarter. Nationally, prices have been increasing since the fourth quarter of 2015, says Statistics Canada. Contractors working in Vancouver, BC, and Ottawa, ON, reported the largest increases (both up 1.2 per cent). The increases were attributed to higher demand for skilled labour in the architectural and structural trades, as well as rising costs for materials ‒ particularly lumber. Contractors in all seven CMAs surveyed reported higher prices for lumber in the third quarter, coinciding with the forest fires in British Columbia. According to the Industrial Product Price Index, prices for lumber and other sawmill products rose 4.1 per cent from June to September 2017. Over the four quarters ending in September, contractors' prices for new apartment building construction rose by four per cent, with Vancouver (+6.9 per cent) leading the increase.
CANAC Opens 26th Store
CANAC – a Quebec chain of hardware and building materials stores – has opened its 26th store in the St-Hubert region of Longueuil. The 26,000 square-foot store provides a full range of construction and renovation products in categories such as hardware, plumbing, electrical, tools, paint, flooring, finishing products, building materials, and seasonal products. It also offers an outdoor lumberyard and delivery services for contractors and retail customers.
Watson Gets Ace Store
Lowe’s Canada has opened an Ace store in Watson, SK. The store offers a wide assortment of essential products and supplies, including some of the most respected brand names and best-selling items. The store also supports Ace’s Click & Collect program, that allows customers to choose products on acecanada.ca, make online purchases, and collect their orders in the store within seven to 10 days.
Edmonton Builders May Be Eligible For Rebate
For a limited time, Built Green member builders in Edmonton, AB, can earn a $200 EnerGuide rebate for each home they sign up to participate in the city’s ‘Spot the Difference’ program. The program, a partnership between Built Green and the city of Edmonton, is aimed to reduce home energy usage and raise awareness about greenhouse gas emissions. New and existing homes can sign up to receive an energy rating using the EnerGuide Rating System (ERS), through Natural Resources Canada. The rating, along with other details about the home, are then added to the Edmonton EnerGuide for Homes Map ‒ a platform that features the EnerGuide label of select homes in Edmonton, the year the home was built, the address, and for new homes, the homebuilder. The rebates will be available until December 31; each builder can sign up a maximum of 10 homes. Builders may also be eligible for a discount on the price of the home evaluation. For more information, click here
Outdoor Living Trend Spurring Hardscape Demand
Demand for hardscape products in the U.S. is expected to increase 5.6 per cent per year to $3.5 billion in 2021, says the Freedonia Group. Despite slow growth in sales of existing homes, an indicator of home remodeling trends including landscaping, sales of hardscape products such as boulders, edging, and pavers will see robust growth through 2021. This increase will be buoyed by strong growth in new housing construction which will support new hardscaping installations when homes are first built. Furthermore, the rising popularity of outdoor living spaces such as patios and outdoor kitchens, often constructed using large volumes of hardscaping, will bolster demand. Concrete pavers accounted for 78 per cent of hardscaping concrete sales in 2016 and demand is forecast to rise 5.9 per cent annually to $1.4 billion in 2021. As well, despite a slowdown in demand, decorative products will retain nearly 41 per cent of the landscaping product market in 2021. A spike in sales of outdoor lighting products, including higher-value LED and solar types, as well as healthy growth in pots and planters, will help sustain the projected 3.4 per cent annual growth for decorative landscaping products through 2021, a deceleration from the 2011-2016 period.
Gray Leads Delroc
Derrick Gray is general manager at Delroc Industries. He has been in the construction industry for more than 25 years. Most recently, he was western regional sales manager at Dryco Building Supplies Ltd, where he worked for more than 10 years. Prior to that, he was the British Columbia district sales manager at CGC Inc.
ROCKWOOL Third Quarter Sales Rise
ROCKWOOL Group, celebrating its 80th anniversary this year, had an increase in third quarter sales of 7.6 per cent, driven by solid performance in Europe and North America. EBIT margin for the quarter was up 0.6 per cent to 12.4 per cent compared to 11.8 per cent in the third quarter of 2016. EBIT was €76 million, up 13 per cent over EBIT of €67 million in the year-ago period.
November 24, 2017
Building Materials Lead Retail Sales Gains
Retail sales edged up 0.1 per cent to $49.1 billion in September, says Statistics Canada. Higher sales at gasoline stations were the main contributor to the gain. Excluding sales in this subsector, retail sales declined 0.2 per cent. Sales were up in five of 11 subsectors, representing 52 per cent of retail trade. After removing the effects of price changes, retail sales in volume terms decreased 0.6 per cent. Store types traditionally associated with housing purchases and home renovation showed growth in September. Sales at building material and garden equipment and supplies dealers (+2.6 per cent) and furniture and home furnishings stores (+2.3 per cent) more than offset declines seen in August. This was the third gain in four months at building material and garden equipment and supplies dealers. Retail sales were up in five provinces in September, led by Ontario and British Columbia. Nearly 30 per cent of total retail sales take place in Canada's three largest census metropolitan areas (CMAs) ‒ Toronto, ON, Montréal, QC, and Vancouver, BC. Seasonally adjusted retail sales declined in Montréal (-1.1 per cent) and Toronto (-0.8 per cent), while Vancouver reported a 0.7 per cent gain. On a year-over-year basis, retail eCommerce increased 16.7 per cent, while total unadjusted retail sales rose 6.4 per cent.
Competition Bureau Investigating Sears Liquidation Pricing
The Competition Bureau is investigating allegations that prices on some merchandise were marked up ahead of the liquidation sales at Sears Canada that began last month, says the court-appointed monitor overseeing the retailer. The regulator sent letters to the liquidators in early November inquiring about allegations that certain merchandise was marked up. Sears has been under court protection since June and began the process of liquidating its remaining stores in October after failing to find a buyer. At that time, some customers posted pictures on social media suggesting prices had been raised.
Consumers Still Spend In Physical Retail
Two out of three consumers prefer to see products in-store and nine of 10 dollars are still spent in physical retail, says NewKnow, a Montreal, QC, startup, that is helping brands and retailers adapt and thrive in this new retail reality. It says although online retail has altered the brick and mortar shopping experience in profound ways, far from being the demise of brick and mortar stores, eCommerce has simply hastened its evolution. However, creating stronger customer relationships and providing great in-store experiences is now more critical than ever. It offers an app that helps train front-line sales staff to make an impact with customers and sell better,
October U.S. Construction Starts Fall
New construction starts in the U.S. in October dropped nine per cent to a seasonally adjusted annual rate of $742.9 billion, pulling back after a 14 per cent jump in September, says Dodge Data & Analytics. Over the past two months, the pattern for total construction starts was shaped by non-residential building, which fell 30 per cent in October to $258.7 billion (annual rate) after soaring 37 per cent in September. Residential building in October slipped one per cent due to a slower pace for multifamily housing. Running counter was a sharp 27 per cent increase for non-building construction. For the first 10 months of 2017, total construction starts on an unadjusted basis were $631.2 billion, up one per cent from the same period a year ago. October’s data lowered the index to 157, compared to a revised 173 for September which was the highest reading so far in 2017.
Griffon Selling Clopay Plastic Products
Griffon Corporation plans to sell its subsidiary, Clopay Plastic Products Company, to Berry Global Group, Inc. The company says the transaction will enhance opportunities for growth and value creation for Clopay Plastics and its customers. Clopay uses breathable films and laminates technologies to manufacture custom housewrap materials for the building and construction market. The transaction is expected to close within the first calendar quarter of 2018.
Maltsbarger Named COO
Richard D. Maltsbarger will be chief operating officer with Lowe’s Companies, Inc., effective February 3. Currently, he is chief development officer and president, international. He joined the company in 2004 as director of customer analytics. He succeeds Rick D. Damron, who plans to retire after 36 years with the company.
Complementary Products Drive Beacon Sales
Beacon Roofing Supply, Inc. had total sales of $1.29 billion for the fourth quarter of 2017, a 9.8 per cent increase over sales of $1.27 billion in the fourth quarter of 2016. Residential roofing product sales increased 9.3 per cent, non-residential roofing product sales increased 5.3 per cent, and complementary product sales increased 20.7 per cent over the prior year. Net income for the quarter was $45.1 million, compared to $47.4 million in 2016. Adjusted net income was $57.8 million compared to $53.6 million in 2016.