(RTTNews) - Wednesday, retail farm and ranch stores operator Tractor Supply Co. (TSCO: News ) reported a 39% increase in profit for the third quarter compared to last year. The company also provided guidance for the full year.

Tractor's net income for the quarter increased to $22.0 million or $0.60 per share, compared with $15.9 million or $0.43 per share in the year-ago period.

On average, 18 analysts polled by Thomson Reuters expected earnings of $0.59 per share. Analysts' estimate typically excludes one-time items.

The Brentwood, Tennessee-based company's net sales for the third quarter increased 1.9% to $747.7 million from $733.9 million in the year-ago period. Analysts estimated revenues of $749.30 million for the quarter.

Same-store sales decreased 5.1% compared with an increase of 6.2% in the prior-year quarter third quarter, primarily affected by softness in sales of seasonal big-ticket items and difficult comparisons due to strong sales of hurricane-related merchandise and seasonal heating products in the prior year's quarter.

Gross margin for the quarter increased 12.8% to $246.0 million from $218.2 million in the year-ago period primarily due to a decrease in the LIFO charge, lower fuel costs and effective markdown management.
Selling, general & administrative expenses for the quarter increased 9.4% to $210.2 million from $192.1 million in the prior year.

For the first nine months, Tractor's net income increased to $77.21 million or $2.11 per share from $57.21 million or $1.52 per share last year. Net sales increased 6.2% to $2.34 billion from $2.20 billion in the prior-year.

Looking ahead, the company anticipates net income for the full year to range from $2.88 to $2.98 per share on net sales between $3.17 billion and $3.20 billion. Same-store sales for the year is expected to decrease approximately 1.0% to 2.0%.

Analysts expect the company to report earnings of $2.98 per share on revenues of $3.19 billion for the full year.

Tractor Supply last traded at $50.96, down $1.71 or 3.25%, on a volume of 0.48 million shares on the Nasdaq.

To receive FREE breaking news email alerts for Tractor Supply and others in your portfolio

by RTT Staff Writer

For comments and feedback: contact editorial@rttnews.com