TSCO update reveals strong fourth quarter
Tractor Supply offered an early view of its fourth quarter sales performance, which included a 7.6% same store sales gain.
The Brentwood, Tenn.-based farm and ranch retailer plans to release its full fourth quarter 2011 results Feb. 1, but according to CEO Jim Wright, the strong fourth quarter performance merited an update.
Net sales for the fourth quarter increased 20.1% to $1.24 billion from $1.03 billion in the prior year’s fourth quarter. The fourth quarter included an extra sales week as part of the Company’s 53-week calendar in 2011, which benefited fourth quarter sales by approximately 6.6%. Same-store sales increased 7.6% compared to a 13.1% increase in the prior-year period. The 7.6% increase includes an estimated 110 basis point benefit from one additional comparable sales day in the fourth quarter of 2011 versus last year.
"These results are reflective of the structural improvements we have made to our business in recent years, including a focus on C.U.E. merchandise, improved inventory management and merchandise allocation and regionalization, all of which have continued to reduce our dependence on weather trends," Wright said. "Sales growth in the fourth quarter of 2011 was driven by continued strong transaction count and a year-over-year increase in average ticket, with added tailwinds from both the 53rd week and inflation."
As of Dec. 31, Tractor Supply operated 1,085 stores in 44 states.
SieMatic appoints new leader for U.S., Canada
SieMatic USA, a maker of high-end kitchen cabinetry, has appointed Hans Henkes as its new general manager. Henkes will oversee operations in North America, serving as liaison to SieMatic’s corporate and independent partner showrooms, as well as leading the company’s commercial division.
Henkes, who has been with the company for four years, has a background in international management. He will be responsible for managing SieMatic USA operations and market development throughout the United States and Canada.
Henkes will replace CEO Rolf Willers, who retired this past spring.
Based in Feasterville, Pa., SieMatic manufactures custom cabinets, shelving systems, drawer organizers, decorative hardware and other kitchen-related products. Its parent company is located in Löhne, Germany.
Electrolux appoints chief design officer
Appliance maker Electrolux has hired Stefano Marzano as its chief design officer, a new role at the company. Marzano will lead all design-related competencies in the various business groups.
Marzano, age 62, had a long career at Royal Philips Electronics, working for 20 years as its chief design officer. Until 1998 he was a professor at the Domus Academy in Milan, and also served as a visiting professor at Politecnico did Milano, the polytechnic institute in Milan. Marzano is also the author and editor of several books on design.
"Stefano Marzano is one of the most regarded and prominent design leaders in business today, and I am both pleased and proud to have him on my team,” said Keith McLoughlin, president and CEO of Electrolux. “Appointing the first chief design officer in the group’s history proves the priority Electrolux gives to design as a core function in innovation together with R&D and marketing. Electrolux has come very far in the transition from a manufacturing-driven company to a modern consumer insight-driven company. Mr. Marzano’s experience and well-documented creativity will further enhance this development."
Electrolux has seven design centers around the world. The design center hub is in Stockholm, Sweden, co-located with other group functions. Other industrial design centers are in North America, Brazil, Italy, Singapore and Australia.
Henrik Otto, senior VP of global design, will remain in his current role and report to Marzano.
Electrolux manufactures household appliances and appliances for professional use, selling more than 40 million products to customers in more than 150 markets every year.. Electrolux products include refrigerators, dishwashers, washing machines, cookers, air-conditioners and small appliances such as vacuum cleaners sold under brands like Electrolux, AEG, Eureka and Frigidaire.