The Andersons Inc. plans to revamp sections of its retail stores this year, Chief Executive Mike Anderson told investors Friday.

The plan was announced during The Andersons’ annual meeting, which was held at its Maumee headquarters and lasted 21 minutes. About 80 attendees listened to a recap of the company’s 2010 financial performance, as well as this year’s financial outlook for the business, which is known for its grain and ethanol businesses and its five stores in metro Toledo and Columbus.

Mr. Anderson declined to provide details to The Blade of the retail revamp, but said the changes would take place this year. In his presentation to employees and shareholders, Mr. Anderson said the changes will include the stores’ housewares, automotive supplies, and workwear sections. The company’s stores in Toledo, Maumee, and Columbus were expanded last year to give more space to groceries and lawn care products.

The Andersons had its second-most profitable year in 2010. The firm reported net income last year of $64.7 million, up from the $38.4 million in 2009. It had sales of $3.4 billion last year, up from $3 billion in 2009.

The Andersons shareholders approved on Friday a nonbinding proposal that would allow investors to hold advisory votes on the company’s executive compensation. In a separate nonbinding vote, shareholders voted to consider the compensation issue every year.

The company also Friday said it would pay a quarterly dividend of 11 cents a share, payable on July 22 to holders of record on July 1.

Contact Sheena Harrison at: sharrison@theblade.com or 419-724-6103.

First Published May 7, 2011, 4:30 a.m.