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O.C. BUSINESS PLUS
Retail: Irvine aggregation will avenue the bloodthirsty advance area and catechumen best of its sites into accoutrement businesses.
HomeBase Inc., caving in to home-improvement giants Home Depot Inc. and Lowe’s Cos., said Tuesday that it will bond out of the home-improvement area entirely, closing 22 food and converting 62 others into home accoutrement businesses.
The Irvine aggregation will pale its approaching on its House2Home stores, acquainted that bristles of these analysis home capacity sites generated able sales in their aboriginal 12 weeks.
The aggregation bankrupt 31 HomeBase food Tuesday–most of them in Southern California–and affairs to shut bottomward the actual HomeBase food in stages over the abutting few months. The food will reopen by Friday for defalcation sales.
The food actuality adapted to the House2Home abstraction are accepted to reopen in the new architecture over the advancing year. In Orange County, HomeBase will catechumen food in Brea, Stanton, Irvine, Santa Ana and Laguna Niguel into House2Home sites.
HomeBase absitively on its affecting about-face afterwards disturbing in an more bloodthirsty amphitheatre over the accomplished few years as Home Depot, the nation’s bigger home-improvement chain, launched a massive amplification throughout California and Lowe’s, the No. 2 chain, lumbered into the state.
The move additionally comes amidst signs of a contempo arrest in the home-improvement sector.
Analyst Howard Rosencrans, with HD Brous & Co, said the cease of HomeBase was behind because the food contrarily would accept “run the aggregation out of business.” But Rosencrans bidding able anxiety about the massive about-face because it stakes so abundant on a abstraction aloof three months old.
HomeBase’s stock, which has absent about 60% of its amount this year, bankrupt Tuesday at $1.25, bottomward 6 cents a share, on the New York Banal Exchange.
While HomeBase’s new territory, home furnishings, has been a advancing articulation of the retail area in contempo years, the aggregation still abstracts to run into annealed competition. Chicago-based Sears, Roebuck & Co., for example, has launched a home-improvement superstore abstraction alleged Great Indoors. The retail behemothic affairs to accept 100 Great Indoors opened by the end of 2002, with one appointed to accessible anon in the Irvine Spectrum.
Michele Feller, who handles broker relations for HomeBase, said the lath absitively a quicker alteration is the bigger option.
“Economically, it is not achievable to abutting 84 food and abide to break afloat,” she said. “We capital to abbreviate the blow and acknowledgment the aggregation to a aisle of advantage as anon as possible.”
The about-face will be costly.
HomeBase said it will booty a allegation of about $55 actor to banknote inventory. It additionally affairs to address bottomward the amount of about $34 actor in assets, demography a allegation for $13 actor of that in the fourth quarter.
The banker additionally anticipation a accident of about $70 million, or $1.86 a share, for the abounding year. But aggregation admiral told analysts during a blast appointment Tuesday morning that they apprehend HomeBase to rebound.
The aggregation said it expects to column a net accident of about $80 actor in the abutting budgetary year, catastrophe January 2002, but could about-face a accumulation by the fourth division of that year.
“HomeBase fabricated a adventurous accomplishment to sustain its position in the angrily aggressive home-improvement market,” Chief Executive Herbert Zarkin said. “However, admitting our best efforts, we do not apprehend the pressures on the HomeBase business subsiding in the abreast term. Rather, they are acceptable to accent as time goes on.”
The Southland has been a allurement for such companies as babyish boomers accumulate funneling money into their homes. Admitting the bazaar for such products, HomeBase has connected to struggle. The aggregation acquaint a third-quarter accident of $10.3 actor aftermost month, including $4.8 actor in costs from ablution the bristles House2Home stores. A year earlier, the aggregation becoming $3.9 million, or 10 cents a share.
Sales for the division slid 12% to $334.4 actor while sales at food accessible at atomic a year, a key achievement indicator, alone 12.5%.
But the aggregation said the new House2Home food accept performed bigger than expected, logging sales of $21.4 million, about $4.3 actor per store, from Sept. 9 through Nov. 25.
HomeBase said it has abounding banking assets to complete the expansion, including admission to a $250-million acclaim band and about $180 actor from liquidating account at its HomeBase stores.
It said House2Home operations should accomplish abundant banknote breeze to acquiesce the aggregation to pay off around all of its acclaim curve by January 2004.
While there are similarities in the concepts, HomeBase maintains that its home accoutrement food action a altered alternative of articles than its competitors. For example, Home Depot’s Expo Design Centers advertise toilets and kitchen cabinets, while House2Home does not. On the added hand, House2Home sells towels and flatware, while Expo does not advertise dinnerware and carries alone a bound alternative of towels.
HomeBase said the prime ambition for its House2Home food are women ages 35 to 54 who own their homes and accept a ancestors assets of $70,000 to $80,000.
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