Tractor Supply profit up in Q1; opening 100+ stores
Brentwood, Tenn. — Tractor Supply Co. reported Wednesday that net income for the quarter ended March 30 rose to $44 million, compared with $40.3 million in the year-ago period.
Sales increased 6.4% to $1.09 billion from $1.02 billion in the prior year’s first quarter. Same-store sales edged up 0.5%.
The company said it expects capital expenditures to range between $240 million and $250 million including spending to support 100 to 105 new store openings in 2013, as well as to support construction of a southeast DC opening later this year and a new store support center slated to open in 2014.
Former Walmart exec confirmed Obama’s budget chief
The Senate has voted unanimously to confirm former Walmart Foundation President Sylvia Mathews Burwell as White House budget director, according to a Reuters report.
The report went on to state that the 96-0 vote marks the first time the White House has had a fully confirmed budget director since January 2012, when Jack Lew, now Treasury Secretary, left the position to become Obama’s chief of staff.
“We congratulate Sylvia on her confirmation as director of the Office of Management and Budget. Sylvia understands business and the role that it, along with government and civil society, must play to build a strong economy that provides opportunity and strengthens communities across the country. Perhaps most importantly, she knows how to get things done and has proven time and again that she can deliver strong results, even in especially challenging environments. Sylvia did a great job leading the Walmart Foundation and will do a great job serving our nation in her new role," said Mike Duke, president and CEO of Walmart.
Burwell’s tenure at Walmart was short-lived. She joined the company a little more than a year ago after roughly a decade in various leadership roles with the Bill and Melinda Gates Foundation. Prior to that, she held various positions in Washington, D.C., including deputy director of the Office of Management and Budget, deputy chief of staff to President Bill Clinton and chief of staff to Treasury Secretary Robert Rubin.
As head of the Office of Management and Budget, Burwell will be responsible for preparing the president’s annual budget.
Prior to her federal government work, Burwell worked for McKinsey & Company. She is a member of the board of the Council on Foreign Relations, the board of MetLife, and the Aspen Strategy Group. She received an A.B. from Harvard University and a B.A. from Oxford University, where she was a Rhodes Scholar.
Changes in leadership at Land O’Lakes
SAINT PAUL, Minn. — Land O’Lakes has named Autumn Veazey as its director of government relations and Daryn McBeth as its director of state affairs and industry relations.
Veazey is a professional staff and counsel for U.S. Senator and ranking member Thad Cochran of Miss. and was previously professional staff and counsel for U.S. Senator Pat Roberts of Kansas, former ranking member of the U.S. Senate Committee on Agriculture, Nutrition and Forestry. She was a litigation attorney representing insurance companies in both insurance defense and workers compensation areas; associate counsel and director of legislative affairs for the United Fresh Produce Association, a trade association, which represents 1,300 member companies; and was manager of federal affairs at Troutman Sanders Strategies, a full-service government relations and issues management firm.
Veazey will be based in Washington, D.C., and will replace government relations director Steve Kirkava, who is retiring. Veazey will be responsible for leading Land O’Lakes’ company-wide government relations strategy and identifying issues that affect the cooperatives’ members and its businesses.
McBeth has spent the last 10 years at Minnesota Agri-Growth Council, where he was most recently president. He was previously a lobby and outreach consultant and worked with Gordley Associates in Washington, D.C. and was an adviser to U.S. Congressman Earl Pomeroy on all matters in front of the U.S. House Agriculture Committee and worked for the U.S. Department of Agriculture where he was special counsel for tax issues for farm programs.
Based in Minn., McBeth will be responsible for developing the Land O’Lakes strategy for state-level government relations.
Land O’Lakes is a national, farmer-owned food and agricultural cooperative with annual sales of more than $14 billion. It does business in all 50 states and more than 60 countries. It is a leading marketer of a full line of dairy-based consumer, foodservice and food ingredient products across the United States; serves its international customers with a variety of food and animal feed ingredients; and provides farmers and ranchers with an extensive line of agricultural supplies (feed, seed and crop protection products and services) under the operations of WinField and Purina Animal Nutrition. Land O’Lakes also provides agricultural assistance and technical training in more than 25 developing nations.