Brentwood, Tenn. Tractor Supply Co. reported that net sales in its fourth quarter increased 10.5% to $799.5 million, from $723.3 million in the prior year's fourth quarter. Same-store sales rose 1.3%.
Net income for the quarter was $24.7 million, compared to $30.0 million in the fourth quarter of the prior year. Exclusive of the LIFO provision, net income for the quarter was $37.2 million, compared $31.6 million in the year ago period.
Jim Wright, chairman, president and CEO, stated, "Our team did an outstanding job delivering strong operating results and taking the necessary actions during the quarter and year to mitigate challenging consumer headwinds.”
For fiscal 2008, net sales increased 11.3% to $3.01 billion from $2.70 billion. Same-store sales increased 1.4%.
Tractor Supply expects to open approximately 70 to 80 stores in fiscal 2009.