Wednesday, Tractor Supply Co. (TSCO), a provider of lifestyle needs of recreational farmers and ranchers, reported that its fourth-quarter net income increased from the prior year quarter.
The company recorded net income of $38.3 million or earnings per share of $1.04, compared to $24.7 million or earnings per share of $0.67 last year.
On average, 19 analysts polled by Thomson Reuters expected the company to report a profit of $0.88 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales increased to $862.53 million from $799.50 million a year ago. Analysts expected revenues of $845.45 million for the quarter.
The company indicated that it continued to experience solid sales performance in core consumable categories, including animal and pet-related products, as well as key seasonal products. The increase in gross margin percentage resulted primarily from a substantial decrease in the LIFO provision and lower transportation costs.
The company opened 18 new stores in the quarter, compared to 21 new store openings and one relocation in the prior year's fourth quarter. Same-store sales increased 0.7% for the quarter.
For fiscal 2009, net income increased 40.9% to $115.5 million from $81.9 million and earnings per share increased 43.8% to $3.15 from $2.19 for fiscal 2008. Net sales increased 6.6% to $3.21 billion from $3.01 billion and same-store sales decreased 1.1% compared to a 1.4% increase for fiscal 2008.
Analysts expected revenues of $2.99 per share on revenues of $3.19 billion for the year 2009.
During fiscal 2009, the company opened 76 new stores, closed one store and relocated two stores. This compares to 91 new store openings and one relocated store in fiscal 2008.
The company anticipates net sales for fiscal 2010 will be approximately $3.42 billion-$3.48 billion, with same-store sales expected to increase approximately 0.5%-2.5%. The company projects 2010 full year net earnings to range from $3.30 to $3.42 per share. Exclusive of the LIFO provision, the company projects full year net earnings to range from $3.50 to $3.62 per share.
Analysts currently expect the company to report earnings of $3.28 per share on revenues of $3.45 billion.
For the full year 2010, the company plans to open around 70 to 80 new stores.
TSCO closed Wednesday's regular trading at $52.22 up $1.60 or 3.16% on the Nasdaq, however, in the after hour trading the stock price increased to $53.50 up $1.28 or 2.45%.
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