Tractor Supply reports 3Q net income increase

BRENTWOOD, Tenn. Tractor Supply Company announced that net sales for the third quarter ended Sept. 27 increased 16.6% to $733.9 million from $629.2 million in the prior year's third quarter.

Same-store sales increased 6.2% compared with a 1.9% increase in the prior year's third quarter. Same-store sales growth was driven by the company's core consumable categories, including animal and pet-related products; seasonal heating-related products; and emergency-response merchandise related to hurricane activity.

Net income for the quarter was $19.8 million, or 53 cents per diluted share, compared to $17.5 million, or 44 cents per diluted share, in the prior year's third quarter.

Jim Wright, chairman, president and ceo, stated, "We are delighted with our performance for the quarter, particularly given the further weakening of the economy. We attribute these results to our team's steadfast execution on key initiatives to grow and improve the business, our passion to serve customers living the rural lifestyle, and our ability to rapidly analyze and adapt plans in an ever-changing marketplace. Our compelling merchandise mix, particularly core consumable categories and seasonal products, enabled us to drive repeat traffic and average ticket. At the same time, our diligent focus on managing working capital and delivering improved cash flow from operations has provided us with ample liquidity to continue growing our business."