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Oct. 26, 2012 Source: Tractor Supply news release To view entire report, click here. Tractor Supply Company (NASDAQ: TSCO), the largest retail farm and ranch store chain in the United States, today announced financial results for its third fiscal quarter ended September 29, 2012. Net sales increased 12.9% to $3.38 billion from $2.99 billion in the first nine months of 2011. Same-store sales increased 5.5% compared to an 8.5% increase in the first nine months of 2011. Gross margin dollars increased 13.7% to $1.14 billion, or 33.8% of sales, compared to $1.00 billion, or 33.5% of sales, in the first nine months of 2011. Selling, general and administrative expenses, including depreciation and amortization, increased 8.8% to $829.4 million, but improved as a percent of sales to 24.6% compared to 25.5% for the first nine months of 2011. Net income was $197.0 million, or $2.69 per diluted share, compared to net income of $152.2 million, or $2.05 per diluted share, for the first nine months of 2011. The Company opened 68 new stores and closed two stores in the first nine months of 2012 compared to 54 new store openings and one store closure during the first nine months of 2011. Company Outlook Net sales for the full-year 2012 are now expected to range between $4.61 billion and $4.65 billion compared to the Company's previously expected range of $4.58 billion and $4.65 billion. Same-store sales for the year are now expected to increase 4.0% to 5.0% compared to the prior expectation for an increase of 3.5% to 5.0%. Based on stronger than expected net income per diluted share for the third quarter, the Company now anticipates net income per diluted share for the full-year 2012 will range between $3.63 and $3.69, compared to its previous guidance of $3.58 and $3.66. Mr. Wright continued, "Our third quarter performance highlights the underlying strength of our core businesses. We continue to demonstrate our ability to successfully navigate through a wide array of variables as we focus on managing the controllable. We continue to evolve our assortments and the in-store experience to provide customers with compelling values every day, with the right products in the right regions at the right time." Mr. Wright concluded, "As recently announced, I will be assuming the role of Executive Chairman by the end of the year, at which point, Greg Sandfort will take on the role of Chief Executive Officer in addition to his current role as President. The succession planning process has been underway for some time and we are executing a smooth and effective transition. Tractor Supply is strongly positioned competitively, operationally and financially, and we remain energized about the opportunities ahead." Tweet |
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