Tractor Supply sees double-digit sales gain
Tractor Supply celebrated its 21st consecutive quarter of year-over-year same-store transaction count increases on its way to a double-digit sales gain for the three-months ended June 29.
The Brentwood, Tenn.-based farm and ranch giant posted second-quarter sales of $1.46 billion, up 12.7% from $1.29 billion a year ago. Net income for the quarter rose 15.9% to $123.6 million, up from $106.6 million.
Same-store sales across the chain increased 7.2%, compared with a 3.2% increase in the same quarter last year. The gains came across the company’s key products, described as CUE — consumable, usable and edible.
Tractor Supply opened 48 new stores so far this year, a slighly slower pace than the first half of 2012.
"Our performance in the first half of 2013 again demonstrated the continued strength of our core businesses, as well as our ability to manage through seasonal variances," said CEO Greg Sandfort.
As of June 29, the company operated 1,223 stores in 45 states.
Pro Hardware honors premier independents
Pro Hardware, Inc. has recognized the latest recipients of its hardware retailer accolades.
Its annual Paul L. Cosgrave Memorial award went to Kraus Department Store and Pro Hardware of Erie, Pa. Congleton Bros Pro Home Center of Beattyville, Ky., was also a finalist in the category.
Meanwhile, Welches Mountain Building Supply of Welches, Ore., and Dixie Pro Hardware of Montgomery, Ala., took home the Pro Hardware Retailer of the Year awards.
"The annual Paul L. Cosgrave Award and Pro Retailers of the Year honors represent premier retailers competing profitably and thriving in their respective markets,” said Shari Kalbach, Pro Group’s managing director.
The Cosgrave award specifically recognizes hardware retailers that live by the merchandising guidelines set forth by Pro Hardware founder Paul L. Cosgrave.
CNRG acquires Moore’s Hardware
Natchez, Miss.-based Central Network Retail Group acquired Moore’s Hardware in Dahlonega, Ga.
The 11,500-sq.-ft. store at 550 Grove Street N in Dahlonega also has a warehouse and lumberyard. Moore’s features a broad assortment of lumber, building materials, millwork, hardware, paint, electrical, and plumbing products. Lamar Ricketts, Moore’s former owner and manager, has agreed to stay and consult with CNRG.
“Moore’s Hardware is an exciting addition to our Georgia stores,” said Jim my R. Smith, chairman of CNRG. “We now operate five stores in our Georgia market, which we started earlier this year.” Boyden Moore, president of CNRG, added, “ Lamar and Bernice Ricketts built a great store in Dahlonega over the past 20 years that they’ve owned and operated the store . We are proud to have the opportunity to add Moore’s t o our portfolio of stores and carry forward their commitment to serving the lumber and building material needs of Dahlonega and Lumpkin County.”
Moore’s Hardware also has remote family ties to CNRG. The store’s former owner Robert Moore was related to the family of Boyden Moore, the president of CNRG, he said. The connection had no impact on the transaction, according to Boyden Moore, whose great grandfather was a resident of Dahlonega at one time.
“CNRG was a good fit for us,” said Lamar. “After 20 years of running this business, it was important to us to choose a good owner for the future. CNRG understands our business and they are committed to investing in it for the future. We think this is a win for us, a win for CNRG and a win for Dahlonega."
CNRG currently operates 44 home center and hardware stores in Mississippi, Louisiana, Alabama, Tennessee, Texas, North Carolina, and Georgia under nine separate brands.