In today’s top retail news, Genuine Parts Company reported $4.5 billion in sales from continuing operations, while Tractor Supply posted record first-quarter results and released a more bullish full-year outlook. Plus, MarineMax reported an increase in revenue for the quarter ending March 31 from the prior-year quarter.
Genuine Parts Company posted $4.5 billion in sales from continuing operations, marking a 9.1 percent rise from $4.1 billion in the same Q1 period in 2020. “The GPC team remained focused on execution and demonstrated agility in delivering strong financial results,” Genuine Parts Chairman and CEO Paul Donahue wrote in a Thursday (April 22) earnings press release.
Tractor Supply, the rural lifestyle retailer, said better-than-anticipated online sales and fewer discounts helped set the stage for blockbuster first-quarter results and a more bullish full-year outlook. The Brentwood, Tennessee-based company said sales increased by 42 percent to $2.8 billion, with same-store sales surging by 39 percent.
MarineMax reported that revenue for the quarter concluding March 31 was 70 percent higher than the same period a year prior, soaring to $523.1 million from $214 million. “We delivered record sales and earnings growth in the quarter, driven by a 45 percent same-store sales increase and strong gross margins,” CEO and President W. Brett McGill said in announcement. The company runs over 100 locations throughout the globe, with the inclusion of 77 retail dealerships and 30 marinas or storage operations.
Since Sleep Number reshaped its complete product collection to digitized “360 smart beds” three years ago, the bedding retail chain has been steadily increasing sales and consumer converts to its platform. The company, which is headquartered in Minnesota, saw its sales increase 20 percent to $568 million for the three months concluding April 3, headed up by a 116 percent rise in its online sales.
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