TBC posts record Q4, 2003 sales
TBC Corp.'s net sales for the fourth quarter of 2003 increased 33.5% to $370.7 million vs. $277.8 million during the fourth quarter of 2002.
TBC's Q4 net income reached $9.5 million, a $1.4 million gain over Q4 2002.
For the full year, TBC's net sales totaled $1.3 billion, an 18.8% hike over 2002 numbers.
Net income in 2003 grew 21.8% to $33.4 million.
TBC's retail same-store sales for the year increased 2.1% while its total unit tire sales grew 4.5%.
TBC added 24 new locations to its retail store network during the fourth quarter, in addition to integrating 226 National Tire & Battery (NTB) outlets it bought from Sears, Roebuck & Co. late last year.
TBC CEO and President Larry Day says the Memphis, Tenn.-based company is ahead of schedule in integrating the NTB stores and should finish the process by the middle of 2004.
"In the second half of 2004, we expect a solid earnings contribution from the NTB stores," he says.
TBC plans to introduce new products and services at all NTB locations, he adds.
TBC ended 2003 with 1,167 retail stores, including its Big O Tires Inc. franchise locations and Tire Kingdom Inc. outlets.
It plans to add 20 stores to its company-owned retail network and another 25 to 30 Big O shops this year.