Monday February 4th, 2013 - 11:34AM
For the fourth quarter ended December 29, Tractor Supply Co. said net sales increased 3.7% to $1.29 billion over the prior year's 14-week period, or 10.8% adjusted for the extra sales week in the year-earlier quarter, with comparable store sales gaining 4.7%. Net income for the quarter was $79.5 million, or $1.11 per diluted share, compared to net income of $70.5 million, or 96 cents per diluted share, in the prior-year period.
Financial analysts surveyed by Thomson Reuters forecast earnings of $1.03 on revenue of $1.29 billion.
Tractor Supply estimated that the 53rd week in fiscal 2011 represented a benefit of approximately nine cents per diluted share in that year’s fourth quarter numbers. Strong results in key consumable, usable and edible products, principally animal- and pet-related merchandise drove comps in the 2012 fourth quarter, Tractor Supply stated.
For the full year, net sales gained 10.2% $4.66 billion versus the prior-year period, or 11.6% adjusted for the extra sales week in fiscal 2011. Comparable store sales increased 5.3%. Net income for the full year was $276.5 million, or $3.80 per diluted share, versus $222.7 million, or $3.01 per diluted share, for fiscal 2011. Tractor Supply also estimated that the 53rd week in fiscal 2011 represented a benefit of approximately nine cents per diluted share, to full-year numbers.
Greg Sandfort, Tractor Supply president and CEO, stated, "Our fourth quarter performance demonstrates the underlying strength we have built in our business, while we continue to drive improved profitability through our strategic initiatives. Our team executed exceptionally well, delivering a strong same-store sales gain of 4.7% on top of last year's strong 7.6% comp increase, managing through less than ideal weather conditions for sales of cold weather products and despite less benefit from inflation than last year. We are also delighted with our ability to once again generate double-digit EPS growth during the fourth quarter on top of a strong double-digit increase last year."
Tractor Supply opened 25 new stores in the fourth quarter of 2012 versus 31 in the year-earlier period.