Tractor Supply posts Q3 gains
Pointing to well-stocked shelves, an extended summer and storm-preparation sales, Brentwood, Tenn.-based Tractor Supply Co. posted a double-digit increase in third quarter sales.
Tractor Supply’s sales were $1.72 billion, up 11.6% from $1.54 billion in the same quarter last year. Comp-store sales increased 6.6% — a much better showing from the prior year’s third quarter when comps slippled 0.6%.
“We delivered a strong third quarter with sales growth in all of our major product categories and geographic regions, as well as positive same store sales in both traffic and ticket,” said CEO Greg Sandfort. “Our teams took the necessary steps to ensure we were well-stocked with the right products and inventory levels to meet the needs of our customers during the extended summer selling season and storm events.”
Net income increased 2.7% to $91.9 million from $89.4 million and diluted earnings per share increased 7.5% to $0.72 from $0.67 in the third quarter of the prior year.
The company opened 36 new Tractor Supply stores and closed one store, a Del’s store, in the third quarter of 2017.
At the end of the quarter, there 1,665 Tractor Supply stores and 162 Petsense stores doing business in the U.S.
Knipex gets grip on innovation
Buffalo Grove, Ill.-based Knipex Tools, the North American arm of Germany-based Knipex-Werk, rolled out a new series of Gripping Pliers. he series features Universal, Long-Nose and Welding Gripping Pliers.
Knipex Gripping Pliers are designed with an adjustment screw and release lever for ease of use. The pliers feature one-hand operation and a toggle lever action for high clamping pressure. The body of the Gripping Pliers is made from high-strength rolled steel and the gripping jaws are forged out of chrome vanadium electric steel.
“The heavy-duty Knipex Gripping Pliers series are designed to deliver powerful results, no matter the angle or workpiece,” said Todd Shumate, president, Knipex Tools. He also pointed to the products’ extensive gripping abilities and unique jaws.
The 10" Universal Gripping Pliers feature a unique, pivoting bottom jaw that automatically adjusts to any workpiece in the field, including square, round, hex and flat materials. The pliers also feature toggle lever action for a high clamping pressure grip, making the pliers ideal for secure, one-handed operation.
The 8" Long-Nose Gripping Pliers are bright zinc-plated and feature narrow, long jaws at a slim width of 1/4". The pliers are specially designed for areas difficult to reach. The Long-Nose Grip Pliers also feature a non-serrated gripping area for pinching off hoses.
The Knipex 11" Welding Gripping Pliers feature moveable jaws with clamps for cumbersome workpieces and sections with high ridges up to 1 1/2". The maximum gripping capacity of the pliers is 3 17/32".
Home Depot steps up environmental policies
Home Depot will not accept wood products from the Amazon or Congo basins, unless they are Forest Stewardship Council certified.
The company announced the updated policy in its 2017 Responsibility Report and is part of an effort to increase protection of High Conservation Value Forests and tropical Intact Forest Landscapes (IFLs).
The company said that less than 1% Home Depot’s existing wood products come from the Amazon and Congo basins and it has given preference to FSC certified wood products since 1999.
The Responsibility Report also unveils new chemical oversight practices in five product categories, including paint, carpet, vinyl and laminate flooring, and insulation.
The chemical strategy includes commitments to increase the assortment of products that have transparency of product ingredients and third-party certification of chemical ingredients. Additionally, the company is committed to working with suppliers to improve chemicals in categories with the greatest potential impact to indoor air quality, and will conduct annual reviews of product categories to track progress and drive innovation.
The company partners with the Green Chemistry and Commerce Council, Healthy Building Network and Cradle to Cradle for guidance on priority chemicals and innovations.
"We recognize the role we play in the value chain for home improvement products, especially lumber and manufactured goods," Ron Jarvis, Home Depot vice president of environmental innovation, said in a statement issued by the retailer. "We believe that better transparency is the key to retailers and consumers making better purchasing decisions that will improve our industry's long-term environmental impact."
Home Depot operates 2,283 stores in the United States, Puerto Rico, Canada, the U.S. Virgin Islands, Guam, and Mexico.
The retailer is also expanding its Eco Options program that identifies products that have less of an impact on the environment than standard products, established in 2007, to include the third-party certification programs Cradle to Cradle Certified and Greenguard Gold.