Tractor Supply plows ahead
Despite a stagnant economy and drought conditions across large parts of the country, Brentwood, Tenn.-based Tractor Supply Co. reported sales and earnings growth.
The company posted second-quarter sales of $1.29 billion, up 9.6% from $1.18 billion in the same quarter last year.
The nation’s largest chain of farm and ranch specialty stores posted earnings of $106.6 million, up 8.3% from $91.2 million in the year-ago period.
"We are pleased with our ability to generate double-digit EPS growth during the second quarter, while operating in a stagnant economy and navigating weather shifts and unfavorable drought conditions,” said Jim Wright, chairman and CEO.
The company opened 18 new stores compared to 16 new store openings in the prior year’s second quarter. The company operates 1,135 stores in 45 states.
Same-store sales increased 3.2%, even as the early spring weather pulled sales out of the second quarter and into the first quarter, according to the company.
The impact of the drought across much of the middle of the country appears to have affected farmers much more than it has affected the farm and ranch retailer.
"Our team is actively managing the product assortment to meet customer needs in the affected markets as the drought continues to spread and intensify," said Wright.
New sales leader for Mr. Bar-B-Q
Old Bethpage, N.Y.-based Mr. Bar-B-Q named Wendy Sender as national sales manager.
As Mr. Bar-B-Q’s national sales manager, Sender is responsible for adding new retailer partnerships, enhancing current relationships and overseeing overall brand positioning for the more than 40-year-old organization.
“We are thrilled to have Wendy join the Mr. Bar-B-Q family and know her rich background and strategic insight will benefit every facet of our company,” said Marc Zemel, CEO of Mr. Bar-B-Q. “She brings an arsenal of talents that will further strengthen and diversify our brand and bring ‘Everything but the Grill’ to even more customers.”
Prior to joining Mr. Bar-B-Q, Sender spent eight years in marketing positions for such companies as Suncast, Fiskars and Intertape Polymer Group. Sender transitioned into sales in 2007 when she became national sales manager at The Homax Group.
Strong second quarter for Lumber Liquidators
Toano, Va.-based Lumber Liquidators reported second-quarter sales of $210.3 million, up 19.9% from the same quarter a year ago.
Comparable-store sales increased 12.4% for the quarter, as net income increased to $12.2 million, up from $5.3 million in the year-ago quarter.
“We are pleased that our team delivered record results through the important spring remodeling season and continued to execute on our key strategic initiatives,” said Robert Lynch, president and CEO, in a press release announcing the results. “We drove consistently strong customer demand during the quarter as greater recognition of our value proposition was achieved through our efforts to expand our advertising reach and frequency.”
Gross margin was 37.3% in the second quarter of 2012, compared with 34.0% in the second quarter of 2011.
The 275-plus store company opened 10 new stores during the second quarter.
Looking ahead, the company raised its expectations for sales for the full year to a range of $750 million to $775 million range, up from $720 million to $750 million. It also expects a total of 20 to 25 new store locations, including two to four in Canada.