Tractor Supply sees slight growth in 2Q comps

BRENTWOOD, Tenn. Tractor Supply Co. today announced that net sales for its second fiscal quarter ended June 30 increased 10.6% to $790.9 million from $714.9 million in the prior year's second quarter. Same-store sales increased 1% compared with the 0.5% increase in the prior year's second quarter. The company reported that same-store sales growth was driven by the animal health and apparel categories offset by weakness in the seasonal merchandise category.

Net income for the quarter was $43.8 million, or $1.08 per diluted share, compared to $42.9 million, or $1.05 per diluted share, in the prior year's second quarter.

For the first six months of fiscal 2007, net sales increased 14.4% to $1.35 billion and same-store sales increased 3.9% compared to the 1.8% gain in the first six months of 2006. 

Net income for the first six months of fiscal 2007 was $48.8 million, or $1.19 per diluted share, compared to net income of $43.5 million, or $1.06 per diluted share, for the first six months of fiscal 2006.

Tractor Supply said it continues to anticipate its net sales for fiscal 2007 will be approximately $2.7 billion to $2.75 billion. Same-store sales for the full year are expected to increase 3% to 4.5%. The company continues to expect full year net earnings to range from $2.49 to $2.56 per diluted share.