Tractor Supply Company
, a retailer of farm and ranch supplies, said its first-quarter earnings fell 23.2% from the year-ago period due to stock based expenses.
The Brentwood, Tenn.-based company earned $525, or 1 cent a share, including 3 cents a share on stock based expenses, in the quarter, compared with $684, or 2 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting a breakeven quarter.
First-quarter revenue was up 23.4% from a year ago period to $465.55 million as against analysts' expectation of $440.65 million. Same-store sales increased 3.7%
Full year earnings are expected to be $2.32 to $2.39 a share, including 12 cents a share on stock based expenses, and revenue for the full year is expected to be $2.35 billion to $2.4 billion as against analysts' expectation of $2.37 a share, on revenue of $2.39 billion for the full year.
First-quarter gross profit increased 27% from a year-ago period to $142.28 million and gross profit margin rose 85 basis points to 30.6%. The company opened 29 new stores and relocated five stores compared to 13 new and two relocated stores in the previous year.
"Our first quarter is the seasonally slowest of the year and our primary focus is on preparing for the spring selling season. We are pleased to have generated a solid increase in our top line, as well as improved our gross margin during the quarter. We also improved our profitability, excluding the impact of the stock option accounting expense," the company said. "We successfully executed our accelerated new store opening strategy, which positions us to better capitalize on our key spring and summer selling seasons. Though the quarter began with unseasonably warm temperatures, weather and business trends have recently been improving and we believe we are well prepared for the second quarter."
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