News

Brentwood, Tenn. -- Tractor Supply Co. reported an 11% rise in profit for the quarter ended March 29, to $48.8 million from $44 million last year.

Revenue rose 9% to $1.18 billion, and same-store sales increased 2.2% versus a 0.5% increase in the prior year period.

For the full year, the company said it expects capital expenditures to range between $240 million and $250 million, including spending to support 102 to 106 new store openings and construction of the new Store Support Center to open in 2014.

Supervalu has elected Frank (Terry) Savage and Mathew Pendo to its board of directors.

Savage and Pendo were both appointed to the board as designees of Symphony Investors, a Cerberus Capital Management-led investor consortium, under the terms of the tender offer agreement entered into with Symphony Investors and Cerberus in connection with Supervalu’s sale of five banners to an affiliate of Symphony Investors. Symphony Investors owns approximately 20.9% of Supervalu’s outstanding common stock.

Sidney, Neb. -- With last year’s strong first quarter fueled by a firearms and ammunition sales surge, outdoor retailer Cabela’s Inc. saw this year’s quarter end on a less stellar note.

Revenue in the first quarter fell 9.6% to $725.8 million; retail store revenue decreased 9.4% to $440.9 million. Same-store sales plunged 21.7%, compared to the same period last year.

Net income was $25.7 million, compared to $49.8 million in the year-ago quarter.

Lowe's has promoted Michael P. McDermott to chief merchandising officer, replacing Michael A. Jones, who will assume the role of chief customer officer, effective April 30. The company also named Joseph M. (Mike) Mabry as strategy and experience design executive, replacing Robert J. Gfeller, who left the company last month.

Both Mabry and McDermott will report to Jones.

Washington, D.C. – U.S. consumers spent more than $21 billion on video game content, hardware and accessories in 2013. According to a new report from the Entertainment Software Association (ESA), the trade association representing the U.S. video game industry, called “2014 Essential Facts about the Computer and Video Game Industry,” 181.3 million Americans play video games.

Other findings from the report include:

• 51% of U.S. households own a game console, and those that do own an average of two;

With net revenues soaring 36% in the first quarter to $642 million from $472 million in the prior year's period, Under Armour is off to a strong start in 2014. In conjunction with its financial results, the company also opened its newest specialty retail location in SoHo, in New York.

Ottawa, Canada – 360pi has formally launched the 360pi Partner Program. This initiative provides a framework for retail technology providers to leverage 360pi's pricing intelligence in their solutions.

Sales of animal- and pet-related merchandise and winter seasonal items helped push up sales at Tractor Supply Co. in the first quarter ended March 29.

Net sales increased 9% in the quarter to $1.18 billion, up from $1.09 billion in the same quarter last year. Comparable-store sales increased 2.2%.

Net income for the quarter increased 10.9% to $48.8 million, up from $44 million

Greg Sandfort, president and CEO, said the first-quarter results demonstrated an ability to perform during tough weather conditions.