Tractor Supply sees gains in Q1
Brentwood, Tenn.-based Tractor Supply reported first-quarter net income of $9.3 million, up from $470,000 as reported for the first quarter of 2009.
Sales for the three-month period ended March 27 were $710.9 million, up 9.3% from $650.1 million as reported last year.
Same-store sales increased 2.8% for the quarter, compared with a 4.2% increase for the same period last year. The company credited its core consumable categories, including animal and pet-related products, heating products and insulated outerwear with the increase.
The company said it opened 19 new stores and closed one store in the first quarter, compared with 28 new stores and one closed store last year.
“As we recently announced, our exceptional performance resulted in sales growth, gross margin expansion and expense leverage -- all of which contributed to record first-quarter earnings,” said Jim Wright, chairman and CEO. "We are encouraged by our results in the beginning of the year, including initial trends in the important spring selling season. As we focus on driving the top and bottom line, our team will continue engaging customers with efficient direct marketing, compelling merchandise and crisply executed in-store programs. We remain optimistic about the balance of 2010, and we are confident that we will continue achieving profitable growth over the long term."
Looking forward, the company said it expects year-end sales to range from $3.44 billion to $3.50 billion, same-store sales to increase 1% to 3%, and net income to range from $3.48 to $3.60 per diluted share.