WASHINGTON (dpa-AFX) - Tractor Supply Company (TSCO), a rural lifestyle retailer on Thursday reported financial results for its second quarter ended June 25 that showed an 8.4 percent increase in net sales, a 5.5 percent increase in comparable-store sales and 10.7 percent increase in earnings per share. Earnings surpassed and revenues met the consensus estimates.
The company also lifted its full-year guidance for earnings and revenue.
Net income for the period was $396.5 million or $3.53 per share as compared to $370.0 million or $3.19 per share in the year-ago quarter.
25 analysts polled by Thomson Reuters were expecting the company to report earnings of $3.51 per share. Analysts typically exclude one-time items.
Net sales for the quarter increased 8.4% to $3.90 billion from $3.60 billion during the corresponding quarter last year. comparable-store sales increased 5.5%, as compared to an increase of 10.5% in the prior year's second quarter.
22 analysts polled by Thomson-Reuters were expecting the company to report revenues of $3.9 billion during the quarter.
Operating income increased 8.1% to $525.0 million compared to $485.9 million in the second quarter of 2021.
The fiscal 2022 guidance for net sales has been increased to the range of $13.95 billion- $14.05 billion, versus $13.6 billion to $13.8 billion previously. Comparable-store sales is seen between 5.2% and 5.8%. The earlier guidance was 3.0% to 4.5%.
Net Income is seen in the $1.065 billion- $1.085 billion range, versus $1.04 billion- $1.08 billion anticipated earlier. Earnings are expected to rise to $9.48-$9.60 versus original expectation of $9.20-$9.50 range.
The fiscal 2022 guidance includes a benefit for the 53rd week, which is estimated to be approximately 1.5 percentage points of net sales and $0.15 of diluted EPS.
Capital expenditures for fiscal 2022 are currently forecasted to be in the range of $650 million to $700 million, including the opening of 70 to 80 new Tractor Supply stores and 10 new Petsense stores.
The Company's outlook for fiscal 2022 does not contemplate the impact of the pending acquisition of Orscheln Farm and Home previously announced on February 17, 2021.
Shares of Tractor Supply company are currently trading in pre-market at $202.15, down $5.16 or 2.49 percent from the previous close.
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