MEMPHIS, Tenn. (April 23, 2002)— TBC Corp. reported significantly higher sales and earnings in the first quarter of 2002, fueled by a 9.6-percent increase in tire unit volume during the period compared with a year ago.
Net income for the quarter ended March 31 grew 26 percent to $4.81 million as sales improved 9.9 percent to $249.7 million. Earnings per share increased 22 percent to a record 23 cents, the company said.
TBC attributed the improved performance to solid sales contributions from both its retail network and wholesale distribution channels. TBC's unit growth was nearly double the industry growth rate of 5 percent, the company said, indicating it gained market share.
The company continued to expand its retail operation during the quarter, adding 22 tire and service centers to its Tire Kingdom and Big O Tire retail chains—including 19 Mueller Tire & Brake locations in Ohio—for a total of 708 retail locations. This compares with 640 stores a year ago.
TBC said it plans to have at least 750 stores in its system by year-end.