US-based retail farm and ranch store chain Tractor Supply Company (TSCO) has reported a 6.4% rise in net sales to $1.09bn for the first quarter (Q1) ended 30 March 2013, compared to $1.02bn for the same fiscal quarter in 2012.
The firm has posted net income of $44m, compared to net income of $40.3m in the first quarter of the prior year.
TSCO's gross margin for the quarter was $352m, an increase from $332.8m in the same quarter for the prior year. Operating income amounted $67.9m
Same-store sales increased 0.5% compared to a very strong 11.5% increase in the prior-year period.
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.
During the quarter, the company opened 22 new stores. Further, the chain is looking to open 100 to 105 new stores openings and construction of the company's Southeast distribution center expected to open in 2013 and new Store Support Center is expected to open in 2014.
TSCO president and chief executive officer Greg Sandfort said despite unfavorable weather conditions, the company has witnessed strong growth in same-store sales.
