Brentwood, Tenn.-based Tractor Supply Co. continued its hot streak with a fourth quarter sales increase in excess of 20%.
Net sales hit $1.24 billion for the company in the 14 weeks ended Dec. 31., up 20.1% from the 13-week period a year ago. For the full year, sales increased 16.3% to $4.23 billion.
Net income was up 40.4% to $70.5 million for the quarter, and up 32.6% to $222.7 million for the year.
"We are delighted that we again achieved strong double-digit increases in both sales and earnings on top of last year's record results," said Jim Wright, chairman and CEO. "Our ability to effectively manage inventory allocation and regionalization continues to reduce our exposure to weather trends and positions us to capitalize on opportunities."
In the fourth quarter, Tractor Supply same-store sales increased 7.6%. The same-store sales increase was driven primarily by continued strong results in key consumable, usable and edible (C.U.E.) products, principally animal- and pet-related merchandise, as well as various seasonal categories. Additionally, same-store sales were favorably impacted by inflation, principally in C.U.E. categories.
During fiscal 2011, Tractor Supply opened 85 new stores, relocated three stores and closed one store. At the end of the year, it operated 1,085 stores in 44 states.