Brentwood, Tenn. Tractor Supply Co. reported late Wednesday that its profit jumped 55% in the fourth quarter as sales rose and it got a boost from the way it calculates the value of its inventory.
In the quarter that ended Dec. 26, Tractor Supply earned $38.3 million, compared with a profit of $24.7 million in the year-ago period.
Tractor Supply said its gross margin grew 16.6%, primarily because of a drop in the company's provision for inventory valuation. It also said transportation costs fell.
Revenue rose 8% to $862.5 million; Wall Street had expected $846 million in revenue.
Same-store sales edged up 0.7%.