Tractor Supply 1Q sales, earnings up

BRENTWOOD, Tenn. Tractor Supply Company reported that net sales for the first quarter increased 9.3% to $710.9 million from $650.2 million in the prior year's first quarter. Same-store sales increased 2.8%, compared with a 4.2% increase in the prior-year period. This same-store sales increase was primarily driven by the company's core consumable categories, including animal and pet-related products, as well as heating products and insulated outerwear, the company reported.

Net income for the quarter was $9.3 million, or 25 cents per diluted share, compared with net income of $0.5 million, or 1 cent per diluted share, in the first quarter of the prior year. 

Jim Wright, chairman and CEO, stated, "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.  Throughout the quarter, we executed well on our strategies to address customers' needs and enhance the business.  The team worked together closely to ensure that our seasonal presentation, product assortment and in-stock levels were appropriate.  Additionally, we lowered per-store inventory for the tenth consecutive quarter through disciplined operational management." 

The company said it anticipates net sales to range from $3.44 billion to $3.5 billion, same-store sales are expected to increase 1% to 3%, and net income to range from $3.48 to $3.60 per diluted share.