Sales and Profits Up For Weyerhaeuser
Seattle, WA, Jan. 23--Weyerhaeuser Co. had fourth quarter profits of $126 million, or 57 cents a share, compared to a loss of $15 million or 7 cents a share, for the same period a year ago.
Today's Flooring News
Keep up to date with the most recent news in the flooring industry. Today's News...As it happens! We update this news several times a day so you can stay connected.
Kmart Working On Reorganization
Troy, MI, Jan. 24--Kmart is negotiating 24 hours a day with its creditors over the company's plan of reorganization, but intends to file the plan Friday regardless of whether the parties come to an agreement on every point.
Home Depot Looks To Reposition Expo
Atlanta, GA, Jan. 22--Expo Design Center, the Home Depot division aimed at high end remodeling projects for higher income customers, is looking to broaden its customer base as a way to increase sales, according to the Atlanta Journal Constitution.
3M Reports On Quarter and Year
St. Paul, MN, Jan. 21--3M posted fourth quarter net income of $511 million, or $1.29 per share, versus $381 million, or $0.96 per share, in the fourth quarter a year ago. Excluding non-recurring items in the fourth quarter of 2001, net income increased 31
Housing Starts Most Since 86
Washington, DC, Jan. 21--Construction of new homes and apartments rose by 5% in December to cap the best year for housing construction since 1986, according to the Commerce Department.
Kmart Dismisses Loan Recipients
Troy, MI, Jan. 20--Kmart Corp. has fired the five remaining executives who received millions in retention loans just months before the retailer filed for bankruptcy protection and demanded that all 25 recipients repay the $28 million.
Forbo Simplifies Corporate Structure
Eglisau, Switzerland, Jan. 17--Forbo will consolidate its two separate business units, linoleum and vinyl, into one business. Consequently, the flooring business will operate in all markets worldwide under the designation and logo of Forbo Flooring.
Federated to Trim Stores, Jobs
Cincinnati, OH, Jan. 17--Federated Department Stores plans to close 11 stores and cut nearly 2,000 jobs as it anticipates flat sales and income this year.
Inflation Less Than Expected
Washington, DC, Jan. 16--Consumer inflation rose only 0.1% in December as the lackluster economy had the effect of holding prices in line, creating a healthier climate for shoppers.
Home Depot To Increase Capital Spending
Atlanta, GA, Jan. 17--Home Depot will increase capital spending 21% to $4 billion in fiscal 2003 to enhance the customer's shopping experience and reinvigorate sales performance.