Tractor Supply Co. (TSCO: Quote), 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.
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by RTT Staff Writer
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