BRENTWOOD, Tenn. Tractor Supply Company announced that net sales for the second quarter increased 12.6% to $1.07 billion from $946.5 million in the prior year's second quarter. Same-store sales increased 6.1% compared with a 2.7% decrease in the prior-year period. This same-store sales increase was broad-based and driven by continued strong results in core consumable categories, including animal and pet-related products, as well as agricultural and seasonal products, including outdoor power equipment, the company reported.
Net income for the quarter was $76.5 million, or $2.05 per diluted share, compared with $54.8 million, or $1.50 per diluted share, in the prior year's second quarter.
Jim Wright, chairman and CEO, stated, "We are pleased that our record results for the quarter far exceeded expectations, as we announced earlier this month. We achieved substantial sales and earnings growth as well as gross margin expansion and expense leverage. Through strategic inventory planning, allocation and management, we were prepared and able to capitalize on favorable weather patterns while supporting strong demand for seasonal merchandise. We continued to leverage our operating performance and financial foundation to drive shareholder value."
For fiscal 2010 the company said it anticipates net sales to range from $3.49 billion to $3.53 billion, same-store sales to increase 2.5% to 3.5%, and net income to range from $4.00 to $4.10 per diluted share.