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Double-digit comps boost Tractor Supply in Q1

BY HBSDEALER Staff

A mild spring of weather conducive to farm and ranch sales propelled Tractor Supply Corp. to a strong first quarter.

The Brentwood, Tenn.-based farm and ranch retailer saw same-store sales increase 11.5% in the first quarter ended March 31. Net sales increased 22.0% to $1.02 billion.

Net income for the quarter was $40.3 million, compared to net income of $18.3 million in the same quarter last year.

"We are delighted to have reached another milestone, achieving record first quarter sales in excess of one billion dollars for the first time in Tractor Supply’s history,” said Jim Wright, chairman and CEO. “Customers responded favorably to our spring products and the continual enhancements we have been making to our merchandise assortments.  Our proactive planning allowed us to capture the earlier spring selling season in Southern markets and we reacted quickly to capitalize on the early spring weather seen in March. We continue to evolve our assortments and the in-store experience to ensure we have the right product and marketing programs in place to keep customers highly engaged throughout the spring and summer selling seasons."

The company opened 33 new stores and closed one store in the first three months of the year, bringing the total to 1,117 stores in 44 states.

 

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Harris Wood gains Made in USA accreditation

BY HBSDEALER Staff

Harris Wood, a division of Boca Raton, Fla.-based Q.E.P. Co., has gained accreditation as a "Made in USA" brand through the Made in USA Brand Certification Mark. 

Founded in 1898 in Johnson City, TN, Harris Wood is one of the oldest hardwood flooring companies in the United States of America.

The Made in USA Brand Certification Mark is a brand enhancer that sends a powerful message to conscious consumers who see the advantages of purchasing products that are made in the USA. “We’re honored to be counted among the companies that have earned the right to use the certification mark,” said Jamie Clingan, Sr. VP Marketing. Clingan continued “We’re convinced this will be good for our business and good for our neighbors, because when people buy American made products, they create jobs for America’s workers.” 

More than 850 products or services use the USA Brand Certification Mark. The program began in 2009 and is described as the only registered certification mark for labeling and identifying goods made or grown in the United States.

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Whirlpool loses anti-dumping case

BY Ken Clark

In a victory for foreign-based manufacturers, the U.S. International Trade Commission has ruled that LG Electronics and its affiliates were not guilty of “dumping” certain refrigerator models on the U.S. market. The 5-0 vote ended a year-old investigation initiated by Whirlpool, which claimed that bottom-mount refrigerators made in Mexico and Korea were sold in the United States at below market value.

As a result of the ITC’s "negative injury determination," the Department of Commerce will not issue an anti-dumping duty order, and imports of bottom-mount combination refrigerator-freezers can enter the United States without any dumping duties being imposed.

The ITC’s decision reverses a March 19 finding by the U.S. Commerce Department, which ruled that two South Korean manufacturers and four Mexican producers were guilty of “dumping” their bottom-mount refrigerators on the U.S. market. LG Electronics and Samsung, among others, were hit with anti-dumping penalties.

In reaction to the ITC’s decision, Whirlpool issued the following statement: "Of course we’re extremely disappointed by [the ITC’s] ruling and the implications it has for our U.S. production of bottom-mount refrigerators," said Marc Bitzer, president, Whirlpool North America. "We believe the facts clearly demonstrated that dumped imports of bottom-mount refrigerators from South Korea and Mexico are causing injury to the U.S. industry. Despite [the] ruling, Whirlpool remains committed to taking action against any unlawful trade practices that threaten our 23,000 U.S. employees or our ability to produce in the United States the innovative and high-quality products that consumers demand."

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