Sherwin Williams Auto Paint Locations – Chris Connor, president and chief executive officer of Sherwin-Williams Co., says the company owes much of its success to the fact that not only can homeowners find paint in almost any color imaginable, but they can also change their minds. as much as possible. they want The Fortune 500 paint manufacturer can establish a third consecutive year of record sales and profits for being a $ 10 billion company this year.
BRECKSVILLE, Ohio – The burgeoning Sherwin-Williams paint company is reaching new heights thanks to growing consumer confidence, a strong housing recovery, and more fashion-conscious homeowners who love to redecorate their homes.
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According to Chris Connor, president and chief executive officer of Sherwin-Williams Co., these elements have contributed to the rapid increase in customers and purchases at the company’s 3,520 environmental paint stores.
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The Fortune 500 company is on track to celebrate its third consecutive year of record sales and profits and become a $ 10 billion company.
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Sherwin-Williams’ share price on the New York Stock Exchange has more than doubled since early 2012, from $ 91 later to $ 188.53 on Friday.
And that doesn’t take into account the company’s $ 2.34 billion purchase of main Mexican rival Consorcio Comex, a 61-year-old family-owned paint retailer with 3,618 stores in North America. The transaction, pending approval from the Mexican government, is expected to close at any time.
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A generation ago, the most popular interior colors were off-white, off-white, eggshell, antique white, and linen, Connor said, counting the colors on his fingers.
But now, homeowners can not only find home paint in almost any color imaginable, but they can change their mind however they want.
All of this paints a much brighter picture for the 147-year-old company than what Connor saw earlier this year.
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As brutal winter temperatures keep homeowners and painting professionals indoors, continue to reflect on how this year’s finances compare to last year’s all-time highs, when an unusually warm and sunny spring kicked off. activities.
“We sold the exterior paint in February (2012), remember?” he wondered, on a recent visit to the Sherwin-Williams paint shop in Brecksville.
Conversely, the first quarter of 2013 turned out to be better than expected, with profits up 16.8% to $ 116.2 million.
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So instead of having to explain how the company was affected by the cold, Connor should tell analysts how commodity costs appear to stabilize and sales peaked at $ 2.17 billion for the quarter.
Better yet, on the real estate front, “most of the data still shows a strong and sustained recovery,” Connor said. The news sent the stock to a new 52-week high of $ 174.88 on April 18, 2013.
All paint in 3,796 Sherwin-Williams stores worldwide is available in a white base color, where pigment is added in computer-controlled quantities to achieve the desired color. Sherwin-Williams predicts that one of the most popular colors this year will be aloe and lots of fresh mint green.
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Ivy Zelman, a veteran real estate and real estate research analyst and CEO of Zelman & Associates, with offices in New York and Boston, has been optimistic about the company for years. You said that the factors driving Sherwin-Williams’ performance were many and varied.
One clear benefit, however, is the 14 years of “corporate leadership under Chris Connor, which maximized shareholder value and produced consistent results,” she said. “And the word ‘consistent’ is very important, because not many companies can show consistent results.
“His leadership style of him is a true teamwork environment. He speaks well and excites people for what they do. He can really deliver results. Look at Comex. He’s been running the company for 10 years,” she said.
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“His door is always open, he answers the phone himself and he’s a friendly guy. I’d say Chris Connor is the best CEO” of all the companies he covers, she added.
Ivan Marcuse, equity research analyst, vice president of KeyBanc Capital Markets Inc. in, also expect great things from Sherwin-Williams, the nation’s largest architectural paint retailer.
“I think this year will be another record year for them in terms of revenue,” he said. “Look at the real estate data that keeps coming out. Construction projects have increased 14.5% year-over-year, existing home sales and building permits have increased, and overall real estate construction continues to move in a positive direction “.
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The National Association of Home Builders expects single-family homes to start growing 23% this year, to 672,000, according to Sageworks Inc., a Raleigh, NC-based company that tracks private company data.
“In addition to benefiting from stronger new home sales, general contractors may also see more confident homeowners who are now more likely to undertake major renovation projects than they were a few years ago,” said Sageworks analyst Brad Schaefer. .
In May, the consumer confidence index rose to a five-year high of 76.2, as consumers surveyed expressed optimism about economic conditions, the economy and job prospects.
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This bodes well for professional painters and contractors who make up about 85% of Sherwin-Williams’ clients (15% are homeowners and self-employed).
Mary Pisnar, a professor of business administration at Baldwin Wallace University in Berea, said she was not surprised that the company was doing so well.
“First of all, they have an amazing culture,” she said. “This is one of the few companies that really likes to create in-house talent. It’s not uncommon to find employees who have been there for 25 to 30 years, who have improved their performance.”
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This includes Connor himself, who joined the company as an advertising director some 30 years ago and is only the eighth CEO in the company’s 147-year history.
Pisnar said that the Sherwin culture has helped create a very innovative work environment in the creation of new products as well, which has contributed to the range of products the company sells.
Unlike department stores and general merchandise stores, Sherwin-Williams is more of a specialty retailer with room for growth. Marcuse, the analyst, noted that the company continued to open stores even during the housing crisis, putting it in a better position to benefit from the recovery.
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“Redecorating a room is a relatively inexpensive and effective way to make changes to a home,” and increase its value, she says. For homeowners who have to forgo other types of renovations, “painting is usually an easy and satisfying way to do it.”
Sherwin-Williams not only has more stores than its 20 closest competitors combined, but it also offers services that its competitors lack. Homeowners who purchase a $ 75 Sherwin-Williams gift card can get a 90-minute consultation with an interior design and color consultant in their home. They can then use the $ 75 gift card for future purchases.
Natalie Simmons, one of 19 decorative product specialists in the Greater region, uses what she draws from the world of fashion and interior design to help homeowners choose their favorite bed colors or other personal touches. Those who are undecided can take home a small container with different colors to try on the wall before buying in bulk.
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Such services aim to win market share from major competitors and make the company’s paint shops less intimidating for consumers. They also helped increase direct sales to homeowners by about the same percentage as sales to customers of professional bread and butter contractors, said Liesl Macke, manager of the Brecksville store.
Carmen Cyr, Sherwin East District City Director, said the company is not only opening the office, but is also renovating the existing shop to make it more attractive, especially for women who often make decorating and painting decisions.
Thanks to HGTV and hit TV shows like “Extreme Makeover Home Edition,” the frequency with which homeowners renovate their homes has dropped from seven to three years, Simmons said.
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But Pisnar said the store could still do more to be more welcoming and stimulate new ideas. She says the company’s self-help website is consumer-friendly, but it doesn’t translate to the store level.
“I think they cleaned up the mess, but it’s actually there,” she said of a shop she had recently visited. “There’s not much to explain.”
“If they can reach the right demographic with high revenues and greater availability of entrepreneurs,” she said, Sherwin-Williams could make her new store more profitable.
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Elad Granot, professor of marketing and director of the MBA program at State University’s Mount Ahuja College of Business, says it’s easy to see why analysts at Baird Equity Research recently upgraded the company to “Overcome,” which means that the companies tend to do better. than what people expect.
“I think the prospects for 2013 are very bright,” she said. “In terms of savings, paint will be useful. You can make changes to the energy efficiency of your home, but no one can see it.”
She said that after years of watching one of her main ingredients for her paints rise in price, Sherwin-Williams
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