Tractor Supply delivers EPS growth in Q3
Tractor Supply reported that net sales for the third quarter increased 9% to $1.07 billion from $977.8 million in the prior year’s third quarter. Same-store sales increased 2.9% compared with a very strong 11.5% increase in the prior-year period. The same-store sales increase was driven primarily by continued strong results in key consumable, usable and edible products, principally animal- and pet-related merchandise.
Net income for the quarter was $50 million, or 69 cents per diluted share, compared with net income of $42.7 million, or 58 cents per diluted share, in the third quarter of the prior year.
The company opened 17 new stores and closed one store in the third quarter of 2012 compared with 12 new store openings and one store closure in the prior year’s third quarter.
Jim Wright, chairman and CEO, said: "We are delighted with our ability to once again generate double-digit EPS growth during the third quarter, with our team executing exceptionally well through less than ideal weather conditions. We are pleased with our same store sales gain in light of last year’s very strong 11.5% comp increase and moderate inflation this year. Our core C.U.E. businesses posted solid increases above last year. Additionally, we demonstrated our ability to recognize and react quickly to the regional weather trends that developed through the quarter. As a testament to the progress we are making on our key initiatives and the stability we have built in our business, we achieved our 18th consecutive quarter of comp transaction count increases."
The company said net sales for the full year 2012 are now expected to range between $4.61 billion and $4.65 billion compared with the company’s previously expected range of $4.58 billion and $4.65 billion. Same-store sales for the year are now expected to increase 4% to 5% compared with the prior expectation for an increase of 3.5% to 5%. Based on stronger than expected net income per diluted share for the third quarter, the Company now anticipates net income per diluted share for the full-year 2012 will range between $3.63 and $3.69, compared with its previous guidance of $3.58 and $3.66.
Lumber Liquidators posts strong Q3
Toano, Va.-based Lumber Liquidators reported third-quarter net income of $12.9 million, up 91.3% from $6.7 million in the third quarter of the prior year.
Net sales for the third quarter ended Sept. 30 increased $32.3 million, or 18.8%, to $204.3 million in the third quarter of 2012 from $172.0 million in the third quarter of 2011. Comparable-store net sales increased 12.0% for the quarter; non-comparable store net sales increased $11.7 million. The company opened seven new stores during the third quarter.
“Our team continued to generate consistent strength in our top line by broadening our advertising reach and frequency, expanding our merchandise assortment and driving effective store execution,” said Robert Lynch, president and CEO. “As a result, we delivered record operating margin and EPS in the quarter. Our value proposition, combining price, selection, quality and availability with the expertise and service provided by our people, resonated with customers during the quarter as we continued to capture share in our fragmented market.”
For the first nine months of 2012, net income increased 86.9% to $33.3 million, compared with $17.8 million in the first nine months of the prior year.
Net sales increased 18.8% to $602.7 million in the first nine months from $507.1 million in the first nine months of 2011. Comparable-store net sales increased 10.7%, compared with a decrease of 3.3% for the first nine months of the prior year. Non-comparable store net sales increased $41.4 million over the prior year. The company opened 21 new stores during the first nine months of 2012 and as of Sept. 30, operated 284 stores in 46 states and Canada.
Based on year-to-date results, Lumber Liquidators now expects to achieve net sales for the full year in the range of $791 million to $799 million, up from the previous range of $750 million to $775 million.
Hunter announces promotions
Hunter Industries, a global provider of irrigation solutions for the professional market, has promoted Greg Hunter to chief operating officer, where he will be responsible for executing company strategy and optimizing the day-to-day operations for all Hunter business units. He assumes this role having held leadership positions within several key departments at Hunter, including engineering, product management, information systems and marketing.
Gene Smith, the company’s current director of marketing for commercial and residential Irrigation, has been promoted to VP marketing. Smith assumes the position after 12 years at Hunter, in which he has held leadership positions in engineering, product management and marketing. In his new role, Smith will lead the marketing efforts for all Hunter business units, including residential, commercial and golf irrigation, FX Luminaire landscape lighting, and Hunter custom molding.
Based in San Marcos, Calif., Hunter Industries is a family-owned company that offers more than 1,000 products that serve the landscape professional.