Stanley Black & Decker’s (SBD) Craftsman brand, which includes an extensive licensing program, will be chainwide at Lowe’s by Q2 with distribution widening to other retailers in early second half, said CEO James Loree in releasing earnings for Q1 ended March 30.

Craftsman products, sold also through some Ace Hardware and Farm & Fleet stores and on Amazon, is expected to account for about half the 6-7% increase SBD forecasts for its tools and storage business this year, up from an earlier forecast for 4-6%, company executives said. About 100 Craftsman products from 20 licensees shipped in 2018. That is expected to double this year to 40 licensees and 600 products covering 100 merchandise categories.

The demand for the Craftsman products has been “greater than expected,” prompting SBD to move up the timing for expanded distribution from fall, SBD executives said. There has been sales growth in every category of Craftsman product, Loree said. SBD acquired Craftsman in 2017 from Sears Holdings, which retains a perpetual license and sells Craftsman products through its stores under a 15-year royalty-free agreement, with a 3% royalty thereafter.

“The sell-through [of Craftsman products] has been fantastic so far and it has been very well received,” Loree said.

Contact:

Stanley Black & Decker, Donald Allan, CFO, 860-225-5511