Stanley reports Q1 sales gain
New Britain, Conn.-based Stanley Black & Decker saw revenues grow, largely as the result of acquisitions.
The company reported first-quarter revenues of $2.49 billion, an increase of 3% over the prior-year period. Volume and currency each declined approximately 1%, while acquisitions added 4% to that total.
Net earnings declined to $81.1 million for the quarter, compared with $121.8 million in the same quarter last year.
“Despite a far from robust external environment, we remain confident in our ability to achieve our full year 2013 EPS, sales and free cash flow targets while continuing to invest in organic revenue growth," said CEO John Lundgren. "Profitability in our [construction and DIY] business continues to improve, and we expect to realize increased sales in this segment going forward as a result of new product introductions and customer listings, as well as our increasing presence in emerging markets."
In the company’s construction and DIY segment, net sales increased 2% due to a 3% increase from acquisitions and a 1% decline from currency. Both volume and price were relatively flat. The flat organic growth can be attributed to a later start to the North America outdoor season due to a much colder-than-average March in many parts of the region, as well as softer markets in Latin America, which offset growth in many of the other emerging markets, such as China, Southeast Asia, Russia and Turkey.
The company expects the headwinds encountered in the first quarter will lessen in the second. "The segment remains solidly on track for mid-single digit organic growth for the full year," according to the earnings release.
Tractor Supply posts strong quarter
Tractor Supply sales increased 6.4% in the first quarter to $1.09 billion, up from $1.02 billion in the year-ago period.
Same-store sales increased 0.5% compared with a very strong 11.5% increase in the prior-year period, when an early spring boosted sales by about $38 million.
Net income for the quarter was $44.0 million, up 9.2% compared with net income of $40.3 million last year.
"While weather was not as favorable as a year ago, we planned accordingly and are pleased to have generated a same-store sales increase compared to last year’s very strong 11.5% increase," said Greg Sandfort. "Our C.U.E. (consumable, usable and edible) categories again posted solid increases in both sales and units, and contributed to our 20th consecutive quarter of year-over-year transaction count increases."
The company opened 22 new stores in the first quarter of 2013 compared with 33 new store openings in the prior year’s first quarter. It now has 1,197 stores in 45 states.
Q1 sales up 22.5% for Lumber Liquidators
Expressing confidence in the year ahead, Lumber Liquidators posted a net sales increase of 22.5% for the quarter ended March 31.
The Toano, Va.-based hardwood flooring retailer reported first-quarter net sales of $230.4 million, up from $188.0 million in the same quarter last year. Comparable-store sales increased 15.2% for the quarter.
Net income increased 92.5% to $15.8 million in the first quarter of 2013 from $8.2 million in the first quarter of the prior year.
The sales were driven by equivalent percent increases in the number of customers invoiced and the average sale, the company said. Lumber Liquidators opened The company opened five new stores in the first quarter, bringing its total store count to more than 290.
Also during the quarter, the company opened its first "store of the future" format. These stores feature an expanded showroom. "We are pleased with the performance to date," said Robert Lynch, president and CEO.
The company raised its expectations for comparable-store sales from the previous range of mid-single digits to the "mid to high-single digits." It plans to open 25 to 35 new stores in 2013.
Lynch added: "As we move forward, we believe we are well-positioned to further expand our footprint and deliver multi-year expansion of our net sales and operating margin,"