Brentwood, Tenn.-based Tractor Supply saw second-quarter net earnings rise 7.5 percent to $47.02 million from $43.76 million last year. Net sales were up 13.6 percent to $898.3 million from $790.9 million in the year-ago period.
The farm and ranch chain recorded a same-store sales increase of 3.4 percent. Same-store sales growth was driven by the company's core consumable categories, including animal and pet- related products, according to a statement from the retailer.
“Despite unfavorable impacts from broader consumer trends and rising fuel costs, our customers continue to depend on Tractor Supply,” said Jim Wright, chairman, president and CEO, in a statement. “In addition, we are pleased with our ability to manage inventory levels efficiently while improving our in-stock position on key items.”
Tractor Supply opened 23 new stores in the quarter. That compares with 20 new store openings and one store closure after the company sold its single Del's location in Canada in last year’s second quarter.
For the full year, the company expects same-store sales to be from flat to up 2 percent. In all, Tractor Supply will open 88 to 93 stores in the full year.
With sales of around $2.7 billion, Tractor Supply was ranked 11 on HCN’s Top 500 Retail Scoreboard.