Tractor Supply ups its store growth potential
Tractor Supply has increased its estimated domestic store growth potential to 2,100 locations from a previously estimated 1,800 stores.
Jim Wright, chairman and CEO, said: “Over the past four years, we have effectively tested and validated the viability of the Tractor Supply store model in small markets. We are pleased that we are able to generate a comparable rate of return on investment in these markets, which opens up additional growth opportunities for Tractor Supply stores. We believe we have a long runway of growth ahead of us.”
In working toward its expanded goal of 2,100 stores, Tractor Supply will continue to target square footage growth of approximately 8% annually, which has been a “very manageable” growth rate for the company, Wright said.
Also, building on its momentum in fiscal 2011, Tractor Supply increased its long-term operating margin target to 9.5% from its previous target of 8.5%. (The chain’s operating margin was 8.3% in 2011.)
Greg Sandfort, president and COO, stated: “We have achieved record operating margins the past two years as structural changes including our Consumable, Useable, Edible (CUE) strategy, customer acquisition strategy and continuous improvement program have contributed to our strong results. Additionally, we are still in the early stages of executing our strategic gross margin initiatives, which we remain intensely focused on and from which we believe we will continue to gain traction.”
Serial shoplifter is caught, again
A man recently released from prison after serving two years for five shoplifting convictions was arrested on Feb. 29 — for shoplifting.
According to an article in the Tulsa World, Stacy Gene Bunch, 39, has been accused of stealing $2,385.52 worth of merchandise from six Tulsa stores between Sept. 16 and Nov. 2. The merchandise includes $759.94 worth of tool sets from Ace Hardware and a vacuum cleaner and another item from Home Depot.
Bunch was released from prison Aug. 12. A sixth conviction for shoplifting had Bunch on probation until April.
Along with larceny convictions in 2009, Bunch was convicted of larceny in 2004 and 2007 and also has several drug convictions. A charge of armed robbery against him was dismissed in 1988.
Jail records list his address as a hotel in Tulsa, according to the newspaper. He was released on $15,000 bond the night of his arrest.
Boise posts sales increases for full year and Q4
Boise, Idaho-based Boise posted fourth-quarter sales of $600.4 million, up 14.6% from $524.1 million in the same quarter of 2010.
"The past year was our most successful year since our inception four years ago," said Alexander Toeldte, president and CEO of Boise. "Our EBITDA excluding special items was a record $340 million, we generated $121 million in free cash flow, and returned $169 million of capital to our shareholders through share repurchases and dividends."
Net income for the quarter was $16.3 million, down from $26.2 million in the same quarter last year.
For the full year, sales were up 14.7% to $2.4041 billion, and net income was up 19.9% to $62.7 million.