Tractor Supply yields strong Q4; will open 110-115 stores in fiscal 2015

Brentwood, Tenn. – Tractor Supply Company Inc. announced strong results for the fourth quarter of fiscal 2014, including a 17% year increase in net income. The retailer also said it will open 110 to 115 stores and build a new Southwest distribution center, in Casa Grande, Arizona, in fiscal 2015.



Tractor Supply’s net income rose to $112.1 million in the fourth, up from $95.9 million in the year ago period, fueled by the leveraging of store operating costs and reduced year-over-year incentive compensation expense.



Net sales increased 12% to $1.58 billion, from $1.42 billion. Same-store sales increased 5.3%, driven by increases in both traffic and ticket.



During fiscal 2015, Tractor Supply expects capital expenditures to total $240 million and $250 million, including spending to support new store growth.



"Across the board, we had a strong fourth quarter and are pleased with our results,” said Greg Sandfort, president and CEO. “Sales growth was broad-based across all of our major product categories and geographic regions and was well balanced between both traffic and ticket. The fourth quarter was our 27th consecutive quarter of positive comparable store transaction counts. It is my belief that our fourth quarter and full year results reflect our ability to effectively manage seasonal inventory investments, pricing and sell-through during seasonal changes and weather variations."



For the full fiscal year, net income grew 13% to $370.9 million, from $328.2 million. Net sales increased 10.6% to $5.71 billion from $5.16 billion, and same-store sales increased 3.8%.



Tractor Supply anticipates net sales for fiscal 2015 will range between $6.2 billion and $6.3 billion, with same-store sales expected to increase 2.5% to 4%.