Thursday August 29th, 2013 - 1:29PM
Retail farm and ranch store chain Tractor Supply Company recently announced its financial results for its second fiscal quarter ended June 29, 2013. Net sales increased 12.7% to $1.46 billion from $1.29 billion in the prior year's second quarter. Same-store sales increased 7.2% compared to a 3.2% increase in the prior-year period. The same-store sales increase was broad-based and driven by continued strong results in key consumable, usable and edible products and seasonal merchandise, the retailer noted.
Gross margin dollars increased to $506.1 million from $451.5 million in the prior year's second quarter. As a percent of sales, gross margin decreased slightly to 34.8% from 34.9% in the prior year. Net income for the quarter was $123.6 million, or $1.75 per diluted share, compared to net income of $106.6 million, or $1.45 per diluted share, in the second quarter of the prior year.
The company opened 26 new stores in the second quarter of 2013 compared to 18 new store openings in the prior year's second quarter. Tractor Supply Company operates 1,223 stores in 46 states.