Tractor Supply Shows Strong Q4 Growth
Brentwood, Tenn., Tractor Supply Co.’s net income for the fourth quarter ended Dec. 25 increased 32% to $22.3 million. Net sales for the quarter increased 17.4% to $456 million from $388.5 million last year. Same-store sales increased 7.7% vs. last year’s 9.6% gain.
“We are optimistic about 2005,” said president and CEO Jim Wright. “We are taking actions that we believe will support our growth, including continuing to invest in distribution capacity and systems, and executing our store rollout plan.”
For the fiscal year, net sales increased 18.1% to $1,738.8 million and same-store sales increased 9.9%. Net income for fiscal 2004 increased 15.8% to $65.4 million.
CVS Earnings Rise on Eckerd Acquisition
Woonsocket, R.I., CVS Corp.’s earnings rose 12.2% in the fourth quarter as sales increased nearly 20%, driven by the company’s July acquisition of part of the Eckerd drug store chain from J.C. Penney Co.
CVS earned $295.6 million, or 70? per share, in the three months ended Jan. 1, up from $263.4 million, or 64? a share, a year earlier.
Sales increased 19.7% to $8.92 billion from $7.45 billion a year earlier. Same-store sales rose 4.4% during the quarter, with pharmacy same-store sales up 5.9% and front-end same-store sales up 1.3%. Pharmacy sales accounted for 69.5% of total company sales for the quarter.
As of Jan. 1, 2005, CVS operated 5,375 stores in 36 states and the District of Columbia.
Sears to List on Nasdaq After Merger
New York City, After nearly 95 years on the New York Stock Exchange (NYSE), Sears, Roebuck and Co. will change its listing to the Nasdaq stock market after its merger with Kmart Holding Corp. In a filing with the U.S. Securities and Exchange Commission on Tuesday, Sears said the move will occur once the merger is complete. The combined company will be called Sears Holdings Corp.
Sears has been on the NYSE since 1910, and enjoys the exchange’s elite single-letter listing.
“It should be understood that Kmart, a Nasdaq-listed company, was the acquiring company in this transaction. Sears’ application for a Nasdaq quotation was expected,” said a NYSE spokesman.