Wednesday April 23rd, 2014 - 5:07PM
Tractor Supply Company has announced financial results for its first fiscal quarter ended March 29, 2014. Net sales increased 9% to $1.18 billion from $1.09 billion in the prior year's first quarter. Comparable store sales increased 2.2% versus a 0.5% increase in the prior year period.
The increase in comparable store sales was driven by key consumable, usable and edible products, principally animal- and pet-related merchandise and winter seasonal merchandise, most notably in the heating category, due to the extended cold weather, noted the retailer. These increases were partially offset by the negative impact to sales from deflation and weaker sales of spring seasonal merchandise.
Net income for the quarter increased 10.9% to $48.8 million from $44 million and diluted earnings per share increased 12.9% to $0.35 from $0.31 in the first quarter of the prior year.
The company opened 32 new stores in the first quarter compared to 22 new store openings in the prior year's first quarter. This included the company's 1,300th store, which is located in Bullhead City, Arizona.
Greg Sandfort, Tractor Supply Company president and CEO, stated, "We are pleased with our overall first quarter results, which we believe demonstrate the underlying strength of our core business and our ability to manage through challenging weather conditions. Despite the late arrival of spring, our comparable store transaction count increased a strong 4.4% and we continued to gain market share by offering our customers a one-stop shop for their everyday basic needs. Our teams continue to work diligently to adjust timing of shipments, depth of inventory and marketing cadence by region to insure we are well-positioned to capitalize on the spring selling season as temperatures normalize."