Tractor Supply sees third-quarter gains
Brentwood, Tenn.-based Tractor Supply reported a third-quarter net income of $32.0 million, up 45.5% from $22.0 million in the same quarter last year.
Sales for the quarter ended Sept. 25 were $829.1 million, up 10.9% from $747.7 million for the third quarter in 2009.
Same-store sales saw a 5.0% increase compared with a 5.1% decrease for the same period last year. The company said the increase was due to continued strength in animal- and pet-related merchandise. Seasonal warm weather items and apparel also performed well.
The company said it opened nine new stores in the quarter compared with 17 new store openings and one relocation in the prior year’s third quarter.
“We are pleased that our results for the quarter reflect broad-based strength across the business and high store traffic in all markets,” said Jim Wright, chairman and CEO.