Tractor Supply Co. (TSCO) reported a rise in first-quarter profit to $44.0 million, or $0.62 per share, from $40.3 million, or $0.55 per share, in the same quarter of prior year.
Net sales increased 6.4% to $1.09 billion from $1.02 billion in the prior year's first quarter. Same-store sales increased 0.5% compared to a very strong 11.5% increase in the prior-year period.
Also, the company opened 22 new stores in the first quarter of 2013 compared to 33 new store openings in the prior year's first quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.62 per share on revenues of $1.10 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the full-year 2013, the company reaffirmed its outlook and continues to expect net to range between $5.07 billion and $5.17 billion, while same-store sales expected to increase 3% to 5%.
The company anticipates net income per share for the full-year 2013 to range between $4.32 and $4.40. The outlook carries estimated costs of $0.06 to $0.07 per share pertaining to the relocation of its Southeast distribution center and its corporate data center, said Tractor Supply.
The Street currently expect the company to report earnings of $4.44 per share on revenues of $5.16 billion for fiscal 2013.
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