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84 Lumber

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84 Lumber Company
Company typePrivate
IndustryBuilding materials and retail
FoundedNovember 14, 1956; 67 years ago (1956-11-14)[1]
FounderJoe Hardy
HeadquartersEighty Four, Pennsylvania, U.S.
Number of locations
250
Key people
Joe Hardy (founder)
Maggie Hardy (president and owner)
ProductsBuilding materials and supplies
RevenueIncrease$3.9 billion (2020)
Number of employees
~5,600
Website84lumber.com
84 Lumber sign

84 Lumber is an operated American building materials supply company. Founded in 1956[2] by Joseph Hardy, it derives its name from the unincorporated village of Eighty Four, Pennsylvania, a census-designated place 20 miles (32 km) south of Pittsburgh, where its headquarters are located. In 1992, Joe Hardy's daughter, Maggie Hardy, took over as president of the company. Within her first year as president, the company reached $1 billion in revenue for the first time in history.[3]

As of June 2020, 84 Lumber owns and operates over 250 stores in 30 states throughout the country; the company has more than 5,600 employees and generates in excess of $3.9 billion in annual revenue.[4] Today, it is the largest privately held supplier of building materials to the construction industry.

The company operates components plants, door shops, installation centers and wood products shops. In 2020, it expanded to kitchen and bath design services with the opening of more than 30 design studios within its existing stores.[5][citation needed] The company's stores carry a variety of materials including siding, decking, windows and trim, roofing and trusses.[6]

History

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Located 20 mi (32 km) south of Pittsburgh, 84 Lumber established its roots in Eighty Four, Pennsylvania, a rural community that has endured as a farmland community. 84 Lumber flourished with the funds and determination of Ed Ryan and Jack Kunkle, Joe Hardy and his two brothers Norman and Bob Hardy. Together, these men collected $84,000 for land and buildings to grow their business.[7] As the business expanded, Hardy and his brothers became sole owners of the company.

84 Lumber established a cash and carry system; customers paid by cash or check, if merchandise was unable to be “carried” out, an additional charge was implemented to have the item personally delivered.[8]

Throughout the 1960s, 84 Lumber continued to expand locations. This was accomplished largely by keeping overhead low and adopting a 'no frills' warehouse-style approach to most of its stores (many of which were unheated, even in cold-climate locations), as most of its clients were commercial customers not overly concerned with aesthetics. By 1981, 84 Lumber had expanded to 339 stores, 283 of which had opened within the previous 10 years, generating revenues of $478 million.[9]

In 1984, the company undertook an expansion plan to open at least 30 new stores. Along with grand openings, stores were remodeled and renovated from no-frills lumber yards to new and improved building materials stores. In 1987, as the improvement plan generated success, the business opened its strict policy of cash-and-carry to options of using credit.[2][7]

After 34 years of running the company, Joe Hardy appointed his daughter Maggie Hardy president and owner in 1992.[10] Joe Hardy passed 40 percent of the company stock to Maggie that year as well, and added another 40 percent the following year.[7] With a new leader, 84 Lumber continued to expand and reached $1 billion in sales for the first time in 1993 and opened its 400th store in 1997 in Ephrata, Pennsylvania.[7]

In 1999, 84 Lumber opened its first “84 Plus” retail store in Graysville, Tennessee. The store, designed by Maggie Hardy Knox, carried about 12,000 products and was meant to increase the company's profits by selling products at a higher profit margin.[7]

On December 7, 2002, the company exceeded $2 billion in annual sales for the first time in history.[7] In 2004, the company opened another 18 new stores, most of which are located in metropolitan areas that had once been unprofitable.[7]

84 Lumber suffered great losses in sales when the housing market crashed in 2009.[11] On the brink of bankruptcy, Hardy Knox used her own personal finances and closed stores to stave off bankruptcy. Knox's efforts ultimately proved to be successful.[8]

In 2013, 84 Lumber increased sales 27 percent over the prior year, generating $2.1 billion in revenue. Since then, the company has continued to expand and open new stores and manufacturing facilities year after year.[12]

In 2016, 84 Lumber announced a major expansion plan on the west coast.[13] In 2019, the company opened its largest store to-date in Chesterfield (Richmond), Virginia.[14]

In 2017, 84 Lumber broadcast its first-ever Super Bowl ad, "The Journey", during Super Bowl LI. The advertisement chronicled the visibly arduous journey of a mother and daughter migrating from Mexico to the United States, to be then blocked by a border wall.[15][16][17] The ad was controversial even before its premiere; prior to the game, Super Bowl LI's broadcaster Fox rejected a version of the ad that contained the border wall scene, as they felt the imagery was too politically sensitive (newly inaugurated U.S. President Donald Trump promised the construction of a wall along the entire Mexico–United States border).[15][18][19][20]

Awards

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In 1991, 84 Lumber topped ProSales magazine's “Dealer 100” list.[21] Since then, it has made the influential trade magazine's list every year, reaching the fourth ranking in 2019 and 2020.[21] 84 Lumber was named as one of Forbes’ Best Midsize Employers in America 2016 and Forbes’ Largest Private Companies in America 2016.[22] In 2018, it was recognized as one of America's Largest Private Companies by Forbes[22] and was named a Top Workplace in the Greater Pittsburgh region by Pittsburgh Post-Gazette.[23] In 2019, it was named one of Forbes Magazine's “Best Larger Employers”[24] and was named to INC. Magazine's “INC. 5,000” list in 2019 and 2020.[25]

Philanthropy

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The Boy Scouts, Justin Jennings Foundation, Habitat for Humanity, Musicians' Village, Red Cross, and United Way are among the organizations and individuals 84 Lumber has supported over the years.[7]

In 2019, 84 Lumber gave a total of $1.39 million in charitable donations. The same year, the company launched a national partnership with the Fisher House Foundation to show its continued support for military veterans and their families. In May 2019, the company provided $25,000 to Friends of the Pittsburgh Fisher House, and an additional $500,000 donation for the Fisher House Foundation to continue to build new houses, similar to the one underway in New Orleans.[26]

The company continues to support local and national nonprofit organizations, including making a half million dollar donation to the Pittsburgh Community Food Bank in 2020 to help its community during the coronavirus pandemic.[27]

Veteran Support

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The company is a major partner of the Fisher House Foundation, which provides temporary housing for friends and family of those being cared for at a nearby VA hospital.[26] As of June 2020, 84 Lumber has donated more than $1.1 million to the Foundation. The company actively recruits veterans for employment, with more than 10 percent of all employees having a military background.[28]

References

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  1. ^ "Corporation Search". Archived from the original on December 24, 2012.
  2. ^ a b Mendelson, Robert. "Building a Business". Pitt Magazine. Archived from the original on July 14, 2013. Retrieved August 16, 2012.
  3. ^ "84 Lumber President Maggie Hardy Knox receives Career Achievement Award". Building Design + Construction. Archived from the original on June 10, 2020. Retrieved June 10, 2020.
  4. ^ "2019 Inc. 5000: The Most Successful Companies in America". Inc.com. August 14, 2019. Archived from the original on June 1, 2020. Retrieved June 10, 2020.
  5. ^ "About". 84 Design Studios. Archived from the original on June 10, 2020. Retrieved June 10, 2020.
  6. ^ "Professional Services". 84 Lumber. June 2020. Archived from the original on June 13, 2020.
  7. ^ a b c d e f g h Rodengen, J.L. (2005). Nothing is impossible. Write Stuff Enterprises Inc.
  8. ^ a b "History of 84 Lumber". 84 Lumber. June 2020. Archived from the original on June 13, 2020.
  9. ^ Alexander, Dan. "Daughter Knows Best: Inside The 84 Lumber Saga". Forbes Sites. Archived from the original on January 15, 2018. Retrieved August 23, 2017.
  10. ^ "Recovering From the Housing Slump". Leaders Magazine. Archived from the original on October 14, 2012. Retrieved August 16, 2012.
  11. ^ "Daughter Knows Best: Inside The 84 Lumber Saga". Forbes. Archived from the original on January 21, 2015. Retrieved January 21, 2015.
  12. ^ "84 Lumber Expanding in Western States". Lumber Building Material Distribution Pros. March 29, 2016. Archived from the original on April 5, 2016. Retrieved April 1, 2016.
  13. ^ "84 Lumber Plans Major Expansion West". prosalesmagazine.com. Archived from the original on June 10, 2020. Retrieved June 10, 2020.
  14. ^ Times-Dispatch, GREGORY J. GILLIGAN Richmond. "84 Lumber to open new store in Chesterfield that will be the company's largest". Richmond Times-Dispatch. Archived from the original on June 10, 2020. Retrieved June 10, 2020.
  15. ^ a b "Watch the 84 Lumber Super Bowl Ad Everyone Is Talking About". Time. Archived from the original on February 6, 2017. Retrieved February 6, 2017.
  16. ^ "Watch the End of the Super Bowl Lumber Commercial too Controversial to Air". Vanity Fair. February 6, 2017. Archived from the original on February 7, 2017. Retrieved February 6, 2017.
  17. ^ Shields, Mike (February 6, 2017). "84 Lumber Super Bowl Campaign Shows Border Wall With a Big Door". The Wall Street Journal. Archived from the original on February 6, 2017. Retrieved February 6, 2017.
  18. ^ "Fox Rejects Super Bowl Ad That Depicts a Giant Border Wall". Advertising Age. January 18, 2017. Archived from the original on February 1, 2017. Retrieved January 31, 2017.
  19. ^ "84 Lumber goes back to drawing board to redo Super Bowl ad after Fox Sports rejection". Pittsburgh Post-Gazette. Archived from the original on January 26, 2017. Retrieved January 31, 2017.
  20. ^ "84 Lumber Explores Other Options After Fox Rejects Its 'Political' Super Bowl Ad". Adweek. Archived from the original on February 8, 2017. Retrieved January 31, 2017.
  21. ^ a b "The ProSales 100 Top 10 Through the Years". prosalesmagazine.com. Hanley Wood Media. Archived from the original on June 21, 2020. Retrieved June 19, 2020.
  22. ^ a b "Forbes Names 84 Lumber One of America's Best Large Employers of 2019". prnewswire.com (Press release). Archived from the original on June 20, 2020. Retrieved June 19, 2020.
  23. ^ "Top Workplaces 2018". newsinteractive.post-gazette.com. Archived from the original on April 21, 2020. Retrieved June 19, 2020.
  24. ^ "Forbes Names 84 Lumber one of America's Best Large Employers of 2019". DWM Magazine. June 17, 2019. Archived from the original on June 22, 2020. Retrieved June 19, 2020.
  25. ^ karenkoenig (August 23, 2019). "84 Lumber named to 2019 Inc. 5000 list". Woodworking Network. Archived from the original on June 22, 2020. Retrieved June 19, 2020.
  26. ^ a b 84 Lumber. "84 LUMBER TO HELP BUILD FIRST FISHER HOUSE IN NEW ORLEANS". Archived from the original on June 21, 2020.{{cite web}}: CS1 maint: numeric names: authors list (link)
  27. ^ "Hardy Knox's Viewpoint: Supporting people in time of need". bizjournals.com. Retrieved June 19, 2020.
  28. ^ "Military Friendly Employer". 84 Lumber. Archived from the original on June 13, 2020.
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