TBC Corp.'s 2002 sales top $1 billion
TBC Corp.'s net sales for 2002 increased 10% to $1.1 billion, a record for the Memphis, Tenn.-based private brand tire marketer.
In 2001, its sales reached the $1 billion mark.
TBC's 2002 net income totaled $27.4 million, a 30% increase over the previous year's net income of $21 million.
The company's net sales for the fourth quarter of 2002 rose 12% to a record $277.8 million.
Same-store sales at TBC's Big O and Tire Kingdom outlets jumped 3.8% during Q4 2002.
"Sales of our proprietary branded tires at our retail locations reached record levels in 2002," says TBC President and CEO Larry Day.
Big O currently has 536 franchised stores while Tire Kingdom has 222 outlets.
TBC also "improved its turnover of both inventory and receivables compared to prior-year levels and significantly reduced its outstanding debt."
TBC enjoys 8% of the domestic passenger replacement tire market, according to Modern Tire Dealer statistics.