Tractor Supply packs a double-digit wallop in Q4
Tractor Supply Company shot up by the double-digits in the fourth quarter, with net sales jumping 16.4% over the year-ago quarter.
"While it was obviously a challenging retail environment, our Tractor Supply team managed the business well and drove strong comparable store sales and earnings per share growth," said CEO Greg Sandfort. "Throughout the quarter, the team worked hard to take advantage of weather trends, localize assortments, manage inventory and shorten the supply chain."
"Our focus was on driving sales in key categories and keeping our inventory current in others. On a market-by-market basis, we aligned our business from all sides — merchandise, pricing, promotion and inventory. We did this by communicating regularly with our field managers and customers, analyzing sales and product data, and regularly reviewing pricing and promotional strategies. While we never have all the answers, we believe we were successful at driving growth in the fourth quarter through careful planning and execution of our business."
Net sales for the quarter ended Dec. 31 came in at $1.92 billion, up from $1.65 billion in the fourth quarter of 2015.
Comparable store sales increased 3.1% versus a decrease of 1.4% in the prior year's fourth quarter, driven by strong performance in everyday basic items across a number of consumable, usable and edible (C.U.E.) and hardline related areas such as livestock and pet, bird and wildlife, trailers and accessories, hand tools and livestock equipment.
Meanwhile, net income increased 10.6% to $123.6 million from $111.7 million.
The company also opened 21 new stores and closed one Del's store during the quarter, compared to 26 new store openings and three store closures, two of which were Del's stores, in the prior-year period.
This year's fourth quarter was also marked by the acquisition of Petsense LLC.
For fiscal 2016, net sales increased 8.9% to $6.78 billion, and net income increased 6.5% to $437.1 million.
The company issued its guidance for 2017, which involved net sales between $7.22 billion and $7.29 billion, and net income between $445 million and $457 million.
USG wraps up 2016 on a strong note
USG Corporation reported top-line growth during the fourth quarter and full fiscal year — and put itself on strong financial footing by paying off a large sum of debt.
Net sales for the quarter rose 2.2% to $734 million, with net income of $307 million down considerably from the previous year's $812 million.
The company recorded full-year sales of $3 billion in 2016 and net income of $510 million, up from net sales of $2.9 billion but down from net income of $991 million in 2015.
“We are in a stronger financial position than we have been in for many years,” said Jennifer Scanlon, president and CEO. “In 2016, we expanded adjusted operating margins in our Gypsum, Ceilings and USG Boral businesses. We finished the year on a high note by paying off $900 million of debt and today we announced a $250 million share repurchase program to return capital to our shareholders.”
The company also completed a sale of L&W Supply, its building product distribution business, to ABC Supply in October. The results for L&W counted as a discontinued operation in the fourth quarter and full year.
“2016 was a transformative year for USG Corporation,” Scanlon said. “With a strong balance sheet and a renewed focus on our core manufacturing business, we enter 2017 excited about the opportunities ahead and anticipating growth in every end market we serve.”
LP debuts new garage door overlays
LP Building Products has launched a new line of garage door overlays that provide quality and looks at an affordable price point.
Made with LP's premium engineered wood, LP PurposeBuilt is also meant to provide workability and ease of use for garage door manufacturers.
“Garage door manufacturers and dealers will now have a valuable new solution to offer home owners who are looking for high-quality garage doors at an affordable price,” said Adina Barnes, LP business development manager. “We are very excited to be expanding our line of products that combine beauty, durability and ease of installment.”
LP PurposeBuilt overlays are manufactured with LP's proprietary SmartGuard process to help resist fungal decay and termites, and to withstand harsh environments.
They also come with an authentic cedar grain texture for an authentic wood look.