BECN Expands in Canadian Market With Beacon PRO+ Digital Tool
Beacon Roofing Supply, Inc. BECN has expanded its market reach by launching its no-cost digital tool, Beacon PRO+, in Canada.
Many U.S. roofing contractors use Beacon PRO+ to manage their business and sales process anywhere and anytime. This convenient tool allows customers to find optimized product descriptions and specifications for their area and order templates, thus enabling a complete and accurate order.
Contractors in Canada can avail of the Beacon PRO+ in English and French, thereby enabling them to stand out from competitors with responsiveness and efficient planning. The revolutionary digital platform is on the job 24/7, making business transactions faster for Canadian contractors.
BECN stock gained 1.3% during the trading hours and 0.5% in the after-hours on Monday, post the announcement.
BECN’s Focus on Ambition 2025 Plan
Beacon has been intently focusing on several strategic initiatives to drive its long-term ambition of growing and enhancing customer experience, expanding its top line and margin and boosting value for customers, suppliers, employees and shareholders. To add value to the aforementioned expectations, the company is currently focusing on delivering the expected targets through the Ambition 2025 plan.
Expanding its digital platforms and market penetration is one of the key elements of Beacon’s Ambition 2025 plan. It continues to drive growth and enhance margins through its digital initiatives. In the second quarter of 2024, the company’s digital sales rose nearly 22% year over year and reached approximately 26% of residential sales, underscoring contractors’ growing demand for digital tools. Furthermore, during the said time, sales through the digital platform boosted customer loyalty, increased basket sizes and enhanced margins by approximately 150 basis points compared with offline channels.
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Shares of this publicly traded distributor of residential and non-residential roofing materials gained 10.1% in the past year compared with the Zacks Building Products - Retail industry’s 21.1% growth. Various external factors like weather and weaker storm demand along with ongoing macroeconomic uncertainties might have been impacting the stock’s performance. Nonetheless, the focus on fulfilling the Ambition 2025 plan through the necessary strategic efforts positions BECN well for growth in the near term.
BECN’s Zacks Rank & Key Picks
Beacon currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Zacks Retail-Wholesale sector.
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ANF has a trailing four-quarter earnings surprise of 28%, on average. The stock has surged 164.5% in the past year. The Zacks Consensus Estimate for ANF’s fiscal 2024 sales and earnings per share (EPS) indicates growth of 13.1% and 63.4%, respectively, from the year-ago period’s levels.
Boot Barn Holdings, Inc. BOOT currently sports a Zacks Rank of 1. BOOT has a trailing four-quarter earnings surprise of 7.1%, on average. The stock has gained 80.6% in the past year.
The consensus estimate for BOOT’s fiscal 2025 sales and EPS indicates growth of 11.6% and 10.7%, respectively, from the year-ago period’s levels.
Sprouts Farmers Market, Inc. SFM currently sports a Zacks Rank of 1. SFM has a trailing four-quarter earnings surprise of 12%, on average. The stock has risen 161.7% in the past year.
The Zacks Consensus Estimate for SFM’s 2024 sales and EPS indicates a rise of 9.6% and 18.7%, respectively, from the year-ago period’s levels.
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Abercrombie & Fitch Company (ANF) : Free Stock Analysis Report
Beacon Roofing Supply, Inc. (BECN) : Free Stock Analysis Report
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