CHARLOTTE, N.C. (March 26, 2004) — American Tire Distributors Inc. posted a 4.9-percent jump in consolidated net sales in fiscal 2003 that the company attributes to its focus on being a distributor instead of a retail operator.
Consolidated net sales climbed to $1.11 billion from $1.06 million in fiscal 2002. In 2003, pre-tax income was $27.2 million, down from $62.7 million the year before. But excluding the fiscal 2002 gain from repurchase of Series D Senior Notes, the fiscal 2003 pre-tax income increased $14.2 million from 2002, the company said.
“Our 2003 results indicate that our single-minded and strategic focus on being a distributor, and not a retail operator, is the right direction for the company,” said Richard Johnson, chairman and CEO of ATD. “Each and every day, we strive to grow our dealers' businesses. We do not compete with our dealers; therefore, we recognize that their sales growth drives our sales growth.”