TBC reports second quarter record sales
TBC Corp.'s second quarter net sales were $255.5 million, a 24% increase over $206.4 million for the same period last year.
TBC's second quarter net income totaled $5.5 million, up from $5 million.
The Memphis, Tenn.-based private brand group credits sales and income jumps, in part, to the growth of its Tire Kingdom and Big O Tire chains, which both added stores during the first half of the year.
"During the second quarter, we also made improvements in our wholesale operations," says TBC President and CEO Larry Day. "We expanded our Carroll's Tire unit in Virginia and Maryland by the opening of three new centers. We also formed a Private Brands division that will be responsible for the marketing and sales of TBC's proprietary private brands Multi-Mile, Cordovan, Sigma and the newly acquired Vanderbilt/Turbo-Tech line.
"We believe that our 2001 target remains reasonable for attaining the milestone mark of $1 billion in annual sales for the first time. Although we will face difficult year-to-year earnings comparisons in both the third and fourth quarters, we expect to show a gain for the second half as a whole."
TBC is the largest private brand marketer in the United States with 7.5% market share, according to Modern Tire Dealer data.