- Tractor Supply on Thursday reported that Q2 net sales rose 4.5% year over year to $4.4 billion, with store comps up 1.5% — the retailer’s “largest sales quarter ever,” CEO Hal Lawton told analysts. A year ago, the company saw comps drop 0.5%.
- Gross margin expanded to 36.9% from 36.6% last year, as net income rose 1.1% to $430 million. The company reaffirmed its full-year outlook, saying it expects net sales to rise 4% to 8%, comps to be flat or rise as much as 4% and net income to land between $1.07 billion and $1.17 billion.
- In Q2 the retailer opened 24 new Tractor Supply stores and two under the Petsense by Tractor Supply banner, and closed one Petsense by Tractor Supply location. The plan is to open 100 new stores in 2026, with the help of the recent acquisition of 18 Big Lots locations, executives said Thursday.
Tractor Supply to ramp up store openings, with plans for 100 new locations next year | Retail Dive
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Brooks Brothers has agreed to be acquired for $325 million by Sparc Group, a venture backed by the mall giant and apparel-licensing firm Authentic Brands Group. As part of the agreement, Sparc Group, which has previously acquired Aéropostale, Forever 21, Nautica and recently bid on Lucky Brand, has committed to keeping at least 125 Brooks Brothers stores open. The retailer has about 200 stores in North America. The sale is subject to bankruptcy court approval. The 200-year-old Brooks Brothers, the nation’s oldest apparel company, filed for bankruptcy in July. While the pandemic has taken a heavy toll on sales as its stores went dark, the retailer has been struggling for some time under a heavy debt load, increased competition and the move to more casual workwear.
A survey published this month by Booknet Canada found that Canadians prefer reading books in print. It also found that more are opting to do their reading on smartphones, or listen to audiobooks. The results of the survey, which come from 750 respondents, found that 90% of respondents that had read a book in the last year had read a print book. However, 22% of respondents ranked reading last among a string of leisure activities that include browsing the Internet (33%), spending time with family (32%), watching TV (31%) and going to the movies (23%). BookNet Canada, a nonprofit book industry research organization, reported that 82% of respondents said they had read a book in the last year, about the same percentage as its 2016 survey found. The number of respondents who had read at least one book during the past year has been declining since 2014 though, when 88% of respondents reported reading at least one book. Click Read More below for more of the story.
The Association of American Publishers (AAP) today released the StatShot Annual report covering the calendar year 2022, estimating that the U.S. book publishing industry generated $28.10 billion industry-wide during the year, a decline of 2.6% as compared to 2021. In spite of the slight decline, total industry revenue remained 8.6% higher than the $25.87 billion total recorded for the year of 2019, just prior to the onset of the pandemic. “During the year the publishing industry continued to show considerable resilience, with total revenues still above pre-pandemic levels,” commented Syreeta Swann, Chief Operating Officer, Association of American Publishers. “The fact that the five-year trend also shows consistent growth suggests that the industry is well positioned to weather a challenging economic environment and an evolving marketplace over the long haul.”