Tractor Supply sees Q3 gains
Brentwood, Tenn.-based Tractor Supply reported a third-quarter net income of $32.0 million, up 45.5% from $22.0 million in the same quarter last year.
Sales for the quarter ended Sept. 25 were $829.1 million, up 10.9% from $747.7 million for the third quarter in 2009.
Same-store sales saw a 5.0% increase compared with a 5.1% decrease for the same period last year. The company said the increase was due to continued strength in animal- and pet-related merchandise; seasonal warm weather items and apparel also performed well.
The company said it opened nine new stores in the quarter compared with 17 new store openings and one relocation in the prior year’s third quarter.
“We are pleased that our results for the quarter reflect broad-based strength across the business and high store traffic in all markets,” said Jim Wright, chairman and CEO. “We maintained solid in-stock positions and served our customers’ rural lifestyle needs as the team continued to enhance execution in merchandising, inventory management and marketing. As a result, we exceeded our expectations for the top and bottom line while achieving gross margin expansion and SG&A leverage.”
Looking forward, the company has increased its sales expectation for the year to a range of $3.53 billion to $3.55 billion, compared with its previously expected range of $3.49 billion to $3.53 billion. For the year, the company anticipates same-store sales will increase 4.0% to 4.5% compared with its previous expectation of an increase of 2.5% to 3.5%.
“In 2010, we have demonstrated our ability to grow and improve the business while driving shareholder value. With the right strategies, capital structure and talent in place, we are increasingly confident in our outlook for fiscal 2010 and continuing to build on our momentum for the long term,” Wright said.
Off-duty cop nabs shoplifter
Off-duty police officer Shannon Smith was shopping at a Lowe’s store in Cookeville, Tenn., when she allegedly saw a man take a Paslode cordless nail gun out of the store without paying. She contacted other officers, then watched the suspect leave with another individual in a newer model white Toyota.
Police were able to stop the vehicle based on Smith’s description. An officer allegedly found the nail gun, still in its box, and five hypodermic syringes. Arrested were the driver, Rainn Wanos Martin, 31, and Brent Lee Hamby, 29, the passenger. Both were cited for shoplifting and for possession of drug paraphernalia.
Lowe’s employees told officers they saw one of the suspects in the store wearing a Lowe’s apron. An employee apron was later found that had been “cut completely in half down the back,” according to the police report.
Lancaster names new marketing executive
Lancaster, a paint sundries distributor, has appointed Geff Lynch as its new senior VP sales and marketing. Lynch will oversee all sales and marketing functions for the Lancaster/Five Star groups.
Lynch is replacing Bruce Sherman, who is leaving the company to spend more time with his family. Sherman has served in the role of VP field sales for Five Star this past year and previously held the position of CEO for The Five Star Group.
Lynch has worked as VP marketing at The Merit Group since January 2008. He has a 24-year background in the paint sundry industry, including sales and marketing positions for GMG Distributors and Gaco Western.
Headquartered in Spartanburg, S.C., The Merit Group distributes its products through its Lancaster, Five Star, Merit Trade Source and Merit Pro trade names. The company, which operates nine distribution centers, serves more than 10,000 retail locations including national, regional and independent paint chains, home improvement centers, hardware stores, lumberyards and drywall yards in the United States, the Caribbean, and Central and South America.