CHHMA - EYE ON OUR INDUSTRY
Volume 11, Issue 30, August 17, 2011
Inside This Issue:
Register Now for the Industry Memorial Golf Classic
Spots Still Available for CHHMA Go Kart Night
Combi Inc. Appoints New Account Manager
Second Quarter Retailer Results
Canadian Home Resales Stable in July; CREA Hikes Housing Forecast
New Canadian House Prices Continue to Rise in June
Canadian Banks Shifting Rate Increase Forecasts Into 2012
U.S. Home Building Declines in July
U.S. Retail Sales Rise in July
Association News
Register Now for the Industry Memorial Golf Classic
This year's Industry Memorial Golf Classic is being held on Tuesday, September 27th at a new location; the Blue Springs Golf Club in Acton, Ontario. The event is held each fall in the memory of stalwarts from the Canadian Hardware & Housewares Industry who have recently passed away. This year's honourees include Joseph Kuchar (founder of Recochem Inc.), Sheldon (Shelly) Lush (former president & chairman of Supreme Aluminum Industries Ltd.), Jack Joseph Pountney (Proctor Silex, Shetland Lewyt, Hoover Company) and Christof Vanooteghem (LM2 Marketing, Imperial Manufacturing Group, UAP/NAPA). Read More >>
Spots Still Available for CHHMA Go Kart Night
The CHHMA Go Kart Night is taking place on Thursday, September 1st at the Circuit ICAR motorsports complex, located 20 minutes north of Montreal in Mirabel, Quebec. The Go Kart racing will take place on an outside 1 km long track designed by 1997 F1 World Champion Jacques Villeneuve, where karts can reach speeds of up to 65 km/h. Read More >>
Member News
Combi Inc. Appoints New Account Manager
Combi Inc. is pleased to announce the hiring of a new account manager, Dave Mayhew. During the past two years, Dave has worked as a national account manager for Globe Electric. Prior to that, he has worked for Reebok Canada for over 11 years as a sales representative and then director of sales. The company is confident that his vast experience will be a welcome addition to the Combi team and will add value to the relationships they have built with their customers and partners in their common goal to grow sales in the Canadian market. Dave can be reached at: 514-352-3126 ext.227, dmayhew@combiinc.com.
Industry News
Second Quarter Retailer Results:
Canadian Tire Spending, Bad Weather Lowers Profit in Q2
Aug. 11, Canadian Tire Corporation, Limited released its second quarter results for the period ended July 2, 2011. Consolidated retail sales increased 5.1% to $3.0 billion and consolidated revenues increased 4.1% to $2.57 billion compared to Q2 2010. Consolidated net income fell 13.9% to $105.8 million and basic earnings per share were $1.30 compared to $122.8 million and $1.51 respectively last year. Read More >>
Home Depot Profit Climbs 14% in Q2
Aug. 16, Home Depot Inc.'s second quarter net income rose 14% for the three months ended July 31, 2011, as shoppers picked up lawn and garden products and made storm-related repairs during the summer. Read More >>
Lowe's Results Impacted by Weather, Economy Worries in Q2
Aug. 15, Lowe's Companies, Inc. reported its second quarter results for the period ended July 29, 2011. Net income was nearly flat as volatile weather and shoppers' worries about the economy muted sales during the key summer selling season. Read More >>
Poor Weather Hurts RONA's Profit in Q2
Aug. 10, RONA inc. announced its second quarter results for the three months ended June 26, 2011. Profit fell to $37 million, or $0.28 per share, from $66.3 million, or $0.51 per share a year earlier. Revenues slipped 2.4% to $34.2 million. Same-store sales were down 9.6% in the quarter and the company expects these same-store sales to be in negative territory for the rest of the year. Read More >>
Sears Canada Posts Loss in Q2
Aug. 16, Sears Canada Inc. recorded a loss in the second quarter ended July 30, 2011, as the department store chain suffered a drop in revenue and same-store sales. Read More >>
Target Profit Up 3.7% in Q2
Aug. 17, Target Corporation reported a larger than expected rise in second quarter profit buoyed by its push into groceries, strong back-to-school sales and growth in its credit business. Target earned $704 million (U.S.), or $1.03 per share, in the second quarter ended July 31, 2011, up from $679 million, or $0.92 per share, a year earlier. Revenue rose 4.6% to $16.24 billion, up from $15.53 billion. Read More >>
Wal-Mart Profit Up, U.S. Sales Fall 0.9% in Q2
Aug. 16, Wal-Mart Stores, Inc. reported that net sales for the second quarter of fiscal year 2012, ended July 31, 2011, were $108.6 billion, an increase of 5.5% from last year, with contributions from all segments. Income from continuing operations attributable to Walmart for the quarter was $3.8 billion (U.S.), up 5.7% from last year. The retailer earned $1.09 per share from continuing operations, up from $0.97 a year earlier. Read More >>
Economic News
Canadian Home Resales Stable in July; CREA Hikes Housing Forecast
According to statistics released Tuesday by the Canadian Real Estate Association (CREA), national resale activity was stable in July following an upturn in June, but posted a big year-over-year gain due to weakened demand in July 2010. CREA also announced that it has increased its forecast for home sales activity via Canadian MLS for 2011 and 2012, reversing its previous call for a slowdown in housing sales. Read More >>
New Canadian House Prices Continue to Rise in June
Statistics Canada said last Thursday that its New Housing Price Index (NHPI) rose 0.3% in June, following a 0.4% advance in May. The metropolitan area of Toronto and Oshawa registered the largest increase of the 21 metropolitan regions surveyed. Prices remained unchanged in 10 of those regions. Read More >>
Canadian Banks Shifting Rate Increase Forecasts Into 2012
Canadian Banks, which only last month expected the Bank of Canada to resume tightening this fall, are pushing rate hike forecasts into next year following the recent financial market turmoil. Read More >>
U.S. Home Building Declines in July
U.S. builders broke ground on fewer single-family houses in July, leaving home construction at depressed levels in that country. The Commerce Department reported on Tuesday that builders began work on a seasonally adjusted 604,000 homes in July, down 1.5% from June. That’s half of the 1.2 million homes per year that economists say must be built to sustain a healthy market. Read More >>
U.S. Retail Sales Rise in July
Data released last Friday from the Commerce Department showed that U.S. retail sales in July posted their biggest gain since March, as consumers spent more on autos, furniture, clothing and gas. Retail sales climbed 0.5% in July, following an upwardly revised 0.3% gain in June. Read More >>
CHHMA Events For 2011
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Soiree Karting/Go Karting Night
Thursday, September 1
Circuit ICAR, Mirabel, Quebec
Industry Memorial Golf Classic
Tuesday, September 27
Blue Springs Golf Club, Acton, Ontario
Industry Cocktail
Tuesday, November 29
Casino de Montreal, Montreal, Quebec
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To register for all events visit our website at www.chhma.ca or call Pam Winter at (416) 282-0022 ext.21.
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"Eye On Our Industry" is published by the CHHMA as an information resource for our members. Member input regarding content and format is welcomed. Please contact Michael Jorgenson by email: mjorgenson@chhma.ca, or call at (416) 282-0022, ext. 34. CHHMA is located at 1335 Morningside Ave., Suite 101, Scarborough, ON, M1B 5M4 www.chhma.ca