TBC's sales, income grow during first quarter
TBC Corp. has released its first quarter results.
TBC's 2001 first quarter net sales totaled $227.2 million, a 28% jump from the same period last year. Its net income was $4.3 million, versus $3.9 million during the first quarter of 2000.
"Our significant increase in net sales principally reflects the inclusion of our Tire Kingdom chain of retail service centers that we acquired in June 2000," says TBC President and CEO Larry Day.
The Memphis, Tenn.-based private brand marketer expects to exceed $1 billion in sales this year, a first for the company.
TBC -- which markets the Multi-Mile, Cordovan, Sigma, Fulda and Big O lines -- is the largest private brander in the United States with
7.5% market share, according to Modern Tire Dealer data.
"Our multi-channel marketing strategy provides us an outstanding opportunity to continue gaining market share," Day says.
TBC plans to open new Tire Kingdom and Big O stores this year. "We are positive about (our) growth prospects."