Brentwood, Tenn. -- Tractor Supply Co. reported that net sales for the fourth quarter increased 19.7% to $1.03 billion from $862.5 million in the prior year's fourth quarter. Same-store sales increased 13.1%, compared with a 0.7% increase in the prior-year period.
Net income for the quarter was $50.2 million, or 67 cents per diluted share, compared with $37.3 million, or 51 cents per diluted share, in the prior year's fourth quarter.
The company opened 27 new stores and closed two stores in the quarter, compared with 18 new store openings and no closed stores in the prior year's fourth quarter.
Jim Wright, chairman and CEO, stated, "The team executed extremely well throughout the fourth quarter, further enabling us to exceed our goals for the year. Through broad-based sales strength and organizational discipline across the business, we achieved record sales and profitability. We served our customers with more effective merchandising, focused on key items, seasonal buys, and improved product placements. We are pleased with our accomplishments and the momentum we carry into 2011 as the destination store for the rural lifestyle."
For fiscal 2010, net sales increased 13.5% to $3.64 billion, from $3.21 billion in fiscal 2009. Same-store sales increased 7%, compared with a 1.1% decrease for fiscal 2009.
For fiscal 2010, net income was $168 million, or $2.25 per diluted share, compared with net income of $119.7 million, or $1.63 per diluted share, for fiscal 2009.
During fiscal 2010, the company opened 74 new stores and closed three stores compared with 76 new store openings, two relocations and one closure in fiscal 2009.
The company anticipates net sales for fiscal 2011 will be approximately $4 billion to $4.07 billion, with same-store sales expected to increase approximately 2.5% to 4.5%. The company projects 2011 full year net earnings to range from $2.54 to $2.62 per diluted share.
For the full year, the company expects approximately 80 to 85 new store openings.