Tractor Supply sees third-quarter 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.
Tillman appointed to lighting company board
Cree Inc., the Durham, N.C.-based manufacturer of LED lighting products, has elected Robert Tillman to its board of directors. Tillman, 67, is the former president and CEO of Lowe’s. After his retirement from Lowe’s in 2005, he became a member of the board of directors of the Bank of America Corp. until 2009.
Tillman will serve on the compensation committee of Cree’s board of directors, the announcement said.
Cree is a publicly traded company with annual revenues of $867 million. Its products include LED fixtures and bulbs for both the retail and commercial markets and semiconductor solutions for wireless and power applications.
Quarterly sales slip 3.2% at Huttig
Huttig Building Products, the St. Louis-based distributor, reported net sales of $127.2 million for its last fiscal quarter, which ended Sept. 30, a 3.2% decline from sales of $131.4 million in the same period of 2009.
Sales declined in building products but increased in all other product categories in 2010 from 2009, the company reported in an SEC filing. Millwork sales increased approximately 6% in 2010 to $58.4 million. Building product sales decreased approximately 15% in 2010 to $54.9 million. Wood products sales increased approximately 15% to $13.9 million in 2010.
The company posted a net loss of $4.5 million for the three-month period, compared with $1.1 million for the same period a year ago.
On Sept. 30, Huttig amended and restated its existing credit agreement with a four-year, $120 million, asset-based senior secured revolving credit facility, according to the filing.
Huttig is a two-step distributor of lumber, panels, decking, windows, doors, fasteners and other building materials. The company serves 41 states through 27 distribution centers.