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CHHMA NEWS

CHHMA - EYE ON OUR INDUSTRY

Volume 13, Issue 44, November 27, 2013

Inside This Issue:
  
• Last Call for Next Week’s Industry Cocktail
• BÉLANGER Appoints New Sales and Marketing Manager; Wins 2013 Supplier of the Year Award from Chalifour Canada
• Sears Canada Lays Off Nearly 800 More Employees
• Sears Holdings Reports Wider Quarterly Loss; Denies Interest in Selling Canadian Unit
• Target Profit Drops Close to 50% in Third Quarter as Canadian Expansion Costs Weigh 
• Lowe’s Canada Adds to Management Team
• Wal-Mart Names Next CEO
• Retail Sales Rise 1% in September as New Car Sales Increase at Fastest Pace in 4 Years
• Wholesale Sales Up for Third Month in a Row
• Canada’s Inflation Rate Drops to 5-Month Low of 0.7% 
• Bank of Canada Chief Says Canadian Housing Market Not a Bubble
• Poll Finds 47% of Canadians Will Head to the U.S. for Black Friday Deals 
Latest U.S. Economic News  


Association News 



Last Call for Next Week's Industry Cocktail 

 

JOIN YOUR CUSTOMERS: Co-op fédérée/Unimat, Groupe BMR, Groupe CDREM, Harts Stores, NAPA/UAP, RONA and Stokes among others on Thursday, December 5th at the Casino de Montreal.

If you haven’t done so already, make plans to come out to this fun evening and enjoy some festive time with colleagues and friends from the industry. 

The Bar Reine de Coeur at the Casino de Montreal offers a warm and relaxing atmosphere where you can enjoy some wonderful food, drinks and conversation as you toast another year-end and prospects to a new one.

For further details and to register now, go to: http://events.chhma.ca/indct2013/indct13main_en.html.  Tickets will not be sold at the door.

We hope to see you there!


 

Member News

BÉLANGER Appoints New Sales and Marketing Manager; Wins 2013 Supplier of the Year Award from Chalifour Canada  

On Nov. 22, BÉLANGER, UPT announced the appointment of Mr. Éric Paul as its new Sales and Marketing Manager. Mr. Paul will report to Jean Bérubé, Executive Vice President and General Manager.

Prior to joining the Bélanger team, Mr. Paul held the position of Retail Marketing Manager at MAAX Bath Inc. 


In other news, the company also announced last Friday that Chalifour Canada has awarded Bélanger with its 2013 Top Supplier Award. This award recognizes strong sales growth, high fill rates, innovative products and the ability to collaborate in partnership.  Read More >>

 


 

 

Industry News

Sears Canada Lays Off Nearly 800 More Employees

Sears Canada Inc. laid off almost 800 employees on Tuesday as the ailing retailer works to improve its operations, raise cash and sell off assets, industry sources say.  The company informed roughly 79 head office employees and 712 home service workers of the terminations in day long meetings yesterday. Sears Canada also announced a restructuring of its repair services and parts division, contracting out much of the work and streamlining its remaining teams.

In all, the company has about 25,000 staff – roughly 1,800 at head office – down from about 31,000 two years ago when it had 122 department stores. Today it operates 118 outlets, but by early 2015 that number will drop to 111.  Read More >>

 

Sears Holdings Reports Wider Quarterly Loss; Denies Interest in Selling Canadian Unit
 

Sears Holdings Corporation reported a wider quarterly net loss last Thursday after sales fell at both its namesake department stores and its Kmart discount chain and it invested in more promotions targeting rewards members.

The net loss in the third quarter ended on Nov. 2 widened to $534-million, or $5.03 a share, from $498-million, or $4.70 a share, a year earlier.

Meanwhile, Sears Holdings is denying reports it wants to sell off Sears Canada, but this didn’t seem to deter investors Monday.  Shares of the U.S. retailer jumped 7% after the New York Post reported that Mr. Lampert had spoken to several major investment banks including Goldman Sachs about overseeing a sale process of Sears Canada, citing anonymous sources.  Read More >>

 

 


 
Target Profit Drops Close to 50% in Third Quarter as Canadian Expansion Costs Weigh

Target Corporation saw its third quarter net income plunge a greater than expected 47% as the department store chain deals with higher expansion costs and poorer than anticipated performance north of the border.  The company has faced a harder than expected go at it in this country after it began opening stores in March, surprising some customers for not matching its U.S. stores’ prices and missing its initial sales projections. Target also discovered too many of its Canadian customers buy goods regularly at multiple retailers instead of using Target as a one-stop shopping destination.

For the three months ended Nov. 2, Target Corp. earned US$341-million, or 54¢ per share, compared with US$637-million, (96¢) in the same period a year ago. Analysts were anticipating earnings of 64¢ per share.  Excluding Canadian-related costs and other items, the Minneapolis-based mass merchant earned 84¢ per share.  Read More >>

 



Lowe's Canada Adds to Management Team

Lowe's Canada announced last Thursday that it has completed changes to the company's senior leadership team to help position the company to continue to grow its business across Canada. Leadership changes at its corporate office in Toronto have taken place over the past few months and include key appointments and newly created roles in Merchandising and Marketing, Operations and Supply Chain, and Finance and Administration.  Read More >>


Wal-Mart Names Next CEO

Wal-Mart Stores, Inc. named company veteran Doug McMillon to replace Chief Executive Mike Duke, who will retire on Jan. 31 after five years at the helm of the world’s largest retailer.   McMillon, 47, is currently CEO of Wal-Mart’s international division. He will start in his new role on Feb. 1, the company said in a statement on Monday.  Read More >>



Economic News

Retail Sales Rise 1% in September as New Car Sales Increase at Fastest Pace in 4 Years
 
 
Canadian retail sales rose by a larger-than-expected 1% to $40.7 billion in September from August on the back of higher sales at motor vehicle and parts dealers, Statistics Canada data showed last Friday. Compared to a year earlier, sales are 3.6% higher. The monthly advance was greater than the 0.3% increase foreseen by market analysts and marked the third consecutive month that retail sales have risen. The last three-month growth streak was from September to November 2012.  Gains were observed in six of the 11 subsectors, accounting for 55% of retail trade. However, excluding receipts at motor vehicle and parts dealers, sales were relatively flat.  Read More >>


Wholesale Sales Up for Third Month in a Row

Statistics Canada reported last Wednesday that wholesale sales were up for the third month in a row in September, rising 0.2% to $49.8 billion. Year-over-year, wholesale sales are up 2.6%.  The agency said sales increased in four of the seven subsectors, accounting for 45% of wholesale sales.  Read More >> 


Canada’s Inflation Rate Drops to 5-Month Low of 0.7%

 
Lower gasoline prices pushed Canada’s annual inflation rate in October down to a five-month low in September, Statistics Canada said last Friday.  The agency’s Consumer Price Index (CPI) rose 0.7% in the 12 months to October, following a 1.1% increase in September.  The figure was less than the 0.9% forecast by market analysts and underlines just how little pressure the Bank of Canada is under to raise interest rates. October’s rate is the lowest since the 0.7% recorded in May.  Although there were several factors underlying the decline, the biggest reason was gasoline, which plunged by 5.1% from September and by 4.3% from October 2012.  Read More >>


Bank of Canada Chief Says Canadian Housing Market Not a Bubble     

Canada’s housing market is not in a bubble and not likely to suffer a sudden and sharp correction in prices unless there is another major global shock to the economy, Bank of Canada governor Stephen Poloz said last week. The central banker, testifying before the Senate banking committee on his latest economic outlook last Wednesday, said he believes the most likely scenario is a soft landing where home prices stabilize, although he acknowledged that an imbalance in the market and high household debt remain key risks.  Read More >>



Poll Finds 47% of Canadians Will Head to the U.S. for Black Friday Deals

A poll released last Thursday by the Bank of Montreal says 47% of Canadians it surveyed planned on shopping on Black Friday in the U.S. this year — up from 41% last year — with each shopper expecting to spend an average of $292.  BMO finance expert Laura Parsons said Canadians continue to flock to popular cross-border destinations because they believe they can’t find the same kind of deep-discounted deals at Canadian retailers on Nov. 29.  Read More >>






Latest U.S. Economic News


U.S. Housing Permits Breach 1 Million Mark, Home Prices Surge; U.S. Consumer Confidence Falls in November; U.S. Pending Home Sales Hit 10-Month Low in October ... Read More >>
 

 

 Upcoming CHHMA Events 

       
Industry Cocktail
Thursday, December 5, 2013
Casino de Montreal, Montreal, Quebec

Canada Night
Sunday, March 16, 2014
InterContinental Hotel, Chicago, Illinois

CHHMA Spring Conference & AGM
Wednesday, April 23, 2014
International Centre (Conference Facility), Mississauga, Ontario

CHHMA Maple Leaf Night
Tuesday, May 6, 2014
The Mirage Hotel & Casino, Las Vegas, Nevada

CHHMA Quebec Golf Classic
Thursday, May 22, 2014
Club de golf Le Fontainebleau, Blainville, Quebec

CHHMA Ontario Golf Tournament
Tuesday, May 27, 2014
Angus Glen Golf Club, Markham, Ontario

CHHMA Industry Calendar

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


 
Canadian Hardware & Housewares Manufacturers Association | 1335 Morningside Ave., Suite 101, Scarborough, ON M1B 5M4
Telephone: (416) 282-0022   Email: pwinter@chhma.ca