Courtesy of Benzinga.
Tractor Supply Company (NASDAQ: TSCO), the largest retail farm and ranch store chain in the United States, today provided a business update for the first quarter ended March 31, 2012.
Net sales for the quarter ended March 31, 2012 increased 22.0% to $1.02 billion from $836.6 million for the quarter ended March 26, 2011. Same-store sales for the quarter increased 11.5%. The same-store sales increase was driven, in part, by early spring weather in 2012.
While still finalizing its quarter-end financial closing process, the Company now anticipates net income will range between $0.53 and $0.55 per diluted share for the first quarter of 2012. This includes an estimated benefit of $0.09 to $0.11 per diluted share from the pull-forward of sales into the first quarter, from the second quarter, due to the early spring weather. Guidance also reflects the expectation that gross margin for the first quarter of 2012 will be slightly below prior-year levels due, in part, to warmer weather in January and February that necessitated markdowns to sell through winter seasonal merchandise.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
