Retail farm and ranch store chain Tractor Supply Co. (TSCO) Wednesday reported fourth-quarter profit and sales that topped Wall Street estimates. The firm issued 2013 outlook in line with Street expectations. The stock climbed more than 6 percent in the extended trade.
Profit rose to $79.5 million or $1.11 per share from $70.5 million or $0.96 per share in the same quarter last year. On average, 22 analysts polled by Thomson Reuters expected earnings of $1.03 per share for the quarter. Analysts' estimates typically exclude special items.
According to the company, a 53rd week in fiscal 2011 represented a benefit of about $0.09 per share in the prior year's fourth quarter results.
Net sales grew 3.7 percent to $1.29 billion from $1.24 billion in the prior year. Adjusted for the extra sales week in the prior year's fourth quarter as part of the company's 53-week calendar in fiscal 2011, sales rose 10.8 percent. Analysts expected revenues of $1.28 billion for the quarter.
Same-store sales advanced 4.7 percent compared to a 7.6 percent growth in the prior-year period. Adjusted for the one-week calendar shift last year, same-store sales grew 7.1 percent. Gross margin improved to 33 percent from 32.5 percent.
Tractor Supply said the same-store sales growth was primarily due to continued strong results in key consumable, usable and edible products, especially animal and pet-related merchandise.
The company opened 25 new stores in the fourth quarter of 2012 compared to 31 new store openings in the prior year's fourth quarter.
Looking ahead to 2013, the company expects net income per share to range between $4.32 and $4.40. The outlook carries estimated costs of $0.06 to $0.07 per share related to the relocation of Tractor Supply's Southeast distribution center and its corporate data center.
Net sales are expected to range between $5.07 billion and $5.17 billion, while same-store sales are estimated to rise 3 percent to 5 percent.
The Street expect the company to report earnings of $4.36 per share on revenues of $5.14 billion for fiscal 2013.
TSCO closed up 0.5 percent on Wednesday at $94.44. The stock advanced 6.15 percent in the extended trade and was at $100.25.
For comments and feedback: editorial@rttnews.com