Hardware Retailing The Industry's Source for Insights and Information
Tractor Supply Company, the largest retail farm and ranch store chain in the United States, with 1,276 stores in 48 states, announced gains in earnings and sales in the fourth quarter.
The company reported a net sales increase of 10 percent to $1.42 billion from $1.29 billion in the fourth quarter of 2012. Comparable store sales increased 3.5 percent versus a 4.7 percent increase in the same period the previous year. The company reports the increase was driven by continued strong results in key consumable, usable and edible products, principally animal- and pet-related merchandise. Seasonal items, predominantly heating and insulated outerwear, also performed well due to the cold weather in the latter part of the quarter.
“The fourth quarter marked our seventeenth consecutive quarter of positive comparable store sales and our twenty-third consecutive quarter of positive comparable transaction counts,” president and CEO Greg Sandfort says. “In recent years, we have grown our business effectively despite challenging economic environments and volatile weather trends. We believe our results are a function of the balanced approach we take to run our business, through managing sales, margins, expenses and capital investments.”
Tractor Supply’s fiscal 2013 net sales increased 10.7 percent to $5.16 billion from $4.66 billion in fiscal 2012 while comparable store sales increased 4.8 percent versus a 5.3 percent increase for the same period of 2012. Gross profit increased 12.0 percent to $1.75 billion from $1.57 billion and gross margin increased 40 basis points to 34.0 percent of sales from 33.6 percent of sales for fiscal 2012.
Net income for fiscal 2013 increased 18.7 percent to $328.2 million from $276.5 million.
Moving forward, Tractor Supply anticipates net sales for fiscal 2014 will range between $5.62 billion and $5.70 billion, with comparable store sales expected to increase 2.5 percent to 4.0 percent.
