Titan Machinery Announces Results and Store Closings

Titan Machinery reported revenue of $2.23 billion for the full year ended Jan. 31, 2014, up 1.3% compared to fiscal 2013. For fiscal 2014 Q4, revenues dropped 9.6% from last year’s. The company’s inventory level was $1.08 billion at fiscal year-end, a decrease since fiscal 2013 Q3.

The company plans to consolidate one of its Iowa agriculture stores into an existing Titan dealership and reduce staff at other dealerships and at its shared resource center. Overall, the realignment and staff reductions will shrink the company’s total headcount by 4.5%.