MEMPHIS, Tenn. (July 25, 2002) — TBC Corp. reported record sales and earnings per share for the second quarter, and said third-quarter earnings should be on target for 34 to 35 cents per share.
Additionally, the company said it expects to continue building its retail business through acquisitions, taking advantage of “opportunities that may become available.”
TBC's net income rose 23 percent in the period to $6.8 million while sales were up 12 percent to $255.5 million, the company said. The company's unit tire volume grew 7.5 percent over the 2001 period, “substantially better” than the industry, TBC said, and same-store sales at the firm's retail stores were up 6.4 percent from a year ago.
For the first six months, net income rose 24 percent to $11.6 million, as sales increased 11 percent to $536.4 million. Tire unit volume was up 8.5 percent, and sales revenue benefited from a favorable tire pricing environment that led to increases in average tire sale prices in both the second quarter and first six months, according to Larry Day, president and CEO.
TBC added 29 stores in the quarter to its Tire Kingdom and Big O retail networks, bringing the total to 737 retail locations.