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Tractor Supply Q1 Profit More Than Doubles

Tractor Supply Co. (TSCO), the largest retail farm and ranch store chain in the United States, reported net income for the first quarter of $40.3 million or $0.55 per share, compared to $18.3 million or $0.24 per share for the year-ago quarter.

Net sales for the first quarter increased 22% to $1.02 billion from $836.6 million in the prior year's first quarter. Same-store sales increased 11.5% with broad-based strength across all major product categories and driven, in part, by early spring weather in 2012.

Analysts polled by Thomson Reuters expected the company to earn $0.53 per share on revenue of $1.01 billion for the first quarter.

As reported in the company's business update issued on April 12, for the full year 2012, the company expects net sales to range between $4.61 billion and $4.68 billion, same-store sales to increase 4.0% to 5.5% compared to 2011 and net income to range between $260 million and $265 million, or $3.52 to $3.60 per share.

Analysts currently expect the company to earn $3.65 per share on revenue of $4.70 billion for the full year 2012.

by RTT Staff Writer

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