TBC Corp. has reported a net sales increase for the third quarter on the heels of a 41.1-percent rise in net income to $15.3 million. For the nine months ended Sept. 30, net sales rose 7.6 percent to $1.47 billion compared with $1.37 billion last year.
Net sales for the third quarter rose 9.5 percent to $521.6 million vs. $476.5 million in the same 2004 period. The company reported same-store sales for TBC's retail segment-which includes Tire Kingdom Inc., Merchant's Tire & Auto Centers, Big O Tires Inc. and National Tire & Battery (NTB)-increased 4.9 percent in the third quarter while total tire unit sales edged up 1.2 percent.
Although TBC's net income was an improvement over the $10.8 million it reported in the third quarter of 2004, the company added that earnings in last year's third quarter took a 12-cent per diluted share hit due to the negative impact of four major hurricanes.
Based on preliminary reports, TBC said total unit tire sales for the nine-month period increased 1.2 percent, falling short of the industry, which showed an overall increase of 3.0 percent. Net income in the period grew 32.3 percent to $33.4 million vs. $25.3 million last year. Meanwhile, retail same-store sales for the first nine months grew 3.9 percent.
TBC said it operates a total of 1,174 stores in its retail network, with 616 company-owned locations and 558 franchised Big O outlets.