Tractor Supply Q3 Sales +9% to $1.07B

[Thursday, October 25, 2012]  Tractor Supply Company reports third quarter 2012 net sales increased 9.0% to $1.07 billion from $977.8 million in the prior year's third quarter. Same-store sales increased 2.9% compared to a very strong 11.5% increase in the prior-year period.

Net income for the quarter was $50.0 million, or $0.69 per diluted share, compared to net income of $42.7 million, or $0.58 per diluted share, in the third quarter of the prior year.

The Company opened 17 new stores and closed one store in the third quarter of 2012 compared to 12 new store openings and one store closure in the prior year's third quarter.

Jim Wright, Chairman and Chief Executive Officer, stated, "We are delighted with our ability to once again generate double-digit EPS growth during the third quarter, with our team executing exceptionally well through less than ideal weather conditions. We are pleased with our same store sales gain in light of last year's very strong 11.5% comp increase and moderate inflation this year. Our core C.U.E. businesses posted solid increases above last year. Additionally, we demonstrated our ability to recognize and react quickly to the regional weather trends that developed through the quarter. As a testament to the progress we are making on our key initiatives and the stability we have built in our business, we achieved our 18th consecutive quarter of comp transaction count increases." Read More ...