Pointing to well-stocked shelves, an extended summer and storm-preparation sales, Brentwood, Tenn.-based Tractor Supply Co. posted a double-digit increase in third quarter sales.
Tractor Supply’s sales were $1.72 billion, up 11.6% from $1.54 billion in the same quarter last year. Comp-store sales increased 6.6% -- a much better showing from the prior year’s third quarter when comps slippled 0.6%.
“We delivered a strong third quarter with sales growth in all of our major product categories and geographic regions, as well as positive same store sales in both traffic and ticket,” said CEO Greg Sandfort. “Our teams took the necessary steps to ensure we were well-stocked with the right products and inventory levels to meet the needs of our customers during the extended summer selling season and storm events.”
Net income increased 2.7% to $91.9 million from $89.4 million and diluted earnings per share increased 7.5% to $0.72 from $0.67 in the third quarter of the prior year.
The company opened 36 new Tractor Supply stores and closed one store, a Del’s store, in the third quarter of 2017.
At the end of the quarter, there 1,665 Tractor Supply stores and 162 Petsense stores doing business in the U.S.