Tractor Supply posts 1.3% comps gain in Q4

BRENTWOOD, Tenn. Tractor Supply Company announced that net sales for the fourth quarter increased 10.5% to $799.5 million from $723.3 million in the prior year's fourth quarter. Same-store sales increased 1.3% compared with a 3.8% gain in the prior year's fourth quarter.

Net income for the quarter was $24.7 million, or 67 cents per diluted share, compared to net income of $30 million, or 77 cents per diluted share, in the fourth quarter of the prior year.

For fiscal 2008, net sales increased 11.3% to $3.01 billion from $2.70 billion and same-store sales increased 1.4% compared to 3.4% for fiscal 2007.

Net income for fiscal 2008 was $81.9 million, or $2.19 per diluted share, compared to net income of $96.2 million, or $2.40 per diluted share, for fiscal 2007.

During fiscal 2008, the company opened 91 new stores and relocated one store. This compares to 89 new store openings, 12 relocations, and selling its only Del's store located in Canada in fiscal 2007.