Tractor Supply 2Q Net Income Up

Brentwood, Texas Tractor Supply Co. said net sales in its second quarter increased 13.6% to $898.3 million from $790.9 million in the prior year's second quarter. Same-store sales increased 3.4%, with the growth driven by the company's core consumable categories, including animal and pet-related products.

Net income for the quarter ended June 28, 2008, was $47.0 million, compared to $43.8 million, in the prior year.

“Our core consumable categories remained strong and were a key driver for our increases in sales and transaction count for the quarter,” stated Jim Wright, chairman, president and CEO. “Despite unfavorable impacts from broader consumer trends and rising fuel costs, our customers continue to depend on Tractor Supply for their functional and non-discretionary lifestyle needs.”

Tractor Supply confirmed that same-store sales for the year will be approximately flat to 2%. It anticipates opening approximately 88 to 93 stores for the full year.