Tractor Supply posts strong quarter
Tractor Supply sales increased 6.4% in the first quarter to $1.09 billion, up from $1.02 billion in the year-ago period.
Same-store sales increased 0.5% compared with a very strong 11.5% increase in the prior-year period, when an early spring boosted sales by about $38 million.
Net income for the quarter was $44.0 million, up 9.2% compared with net income of $40.3 million last year.
"While weather was not as favorable as a year ago, we planned accordingly and are pleased to have generated a same-store sales increase compared to last year's very strong 11.5% increase," said Greg Sandfort. "Our C.U.E. (consumable, usable and edible) categories again posted solid increases in both sales and units, and contributed to our 20th consecutive quarter of year-over-year transaction count increases."
The company opened 22 new stores in the first quarter of 2013 compared with 33 new store openings in the prior year's first quarter. It now has 1,197 stores in 45 states.