Tractor Supply Reports Strong 3Q Results
Brentwood, Tenn. Tractor Supply Co. reported that its net sales increased 16.6% to $733.9 million from $629.2 million in the prior year's third quarter.
Meanwhile, its same-store sales increased 6.2% compared with a 1.9% increase in the prior year's third quarter. Same-store sales growth was driven by the company's core consumable categories, including animal and pet-related products; seasonal heating-related products; and emergency-response merchandise related to hurricane activity.
Net income rose to $19.8 million from $17.5 million in the same period last year, while revenue rose to $733.9 million, up 16.6%, from $629.2 million in the same period last year.
Jim Wright, chairman, president and chief executive, said Tractor Supply will manage its inventory spending and expenses and free up capital as it heads into the holiday season.