Tractor Supply sees quarterly comps growth

BRENTWOOD, Tenn. Tractor Supply Company reported that net sales increased 13.6% to $898.3 million from $790.9 million in the prior year's second quarter. Same-store sales increased 3.4% compared with a 1% increase in the prior year's second quarter.

Net income for the quarter was $47 million, or $1.24 per diluted share, compared to $43.8 million, or $1.08 per diluted share, in the prior year's second quarter.

Jim Wright, chairman, president and ceo, stated, "We are pleased with our results during the quarter. Our focus on increasing the top-line, while managing expenses, contributed to our profitable growth. Our core consumable categories remained strong and were a key driver for our increases in sales and transaction count for the quarter. 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. In addition, we are pleased with our ability to manage inventory levels efficiently while improving our in-stock position on key items and maintaining superior customer service. Across all levels of the organization, the team has executed extremely well."

The company confirms that same-store sales for the year will be approximately flat to 2%. The company has narrowed its fiscal 2008 net sales expectations to a range of $2.98 billion to $3.03 billion from its prior guidance range of $2.98 billion to $3.04 billion. The company expects full year net earnings will range from $2.49 to $2.55 per diluted share.