Tractor Supply 4Q profit down |
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Wed, 31 Jan 2007 22:58
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BRENTWOOD, Tenn. (AFX) - Tractor Supply Co., a farm and ranch equipment retailer, said Wednesday its fourth-quarter profit fell slightly as higher costs offset revenue growth.Tractor Supply earned $29.5 million, or 72 cents per share, compared with $30.9 million, or 75 cents per share, for the same quarter in 2005. Revenue rose 5.3 percent to $629.9 million from $597.9 million in the year-ago period.Analysts polled by Thomson Financial expected profit of 71 cents per share on $633.9 million in revenue.Same-store sales rose 0.5 percent, compared with the 2005 quarter's 10 percent increase.Company officials blamed the sales drop on unseasonably warm weather in the northern parts of the U.S., which resulted in weaker demand for winter merchandise and slower store traffic.Despite that, Tractor Supply posted strong sales of livestock and pet products, as well as clothing -- excluding insulated outerwear.Selling, general and administrative expenses rose to $145.7 million from $132 million in the 2005 quarter.Tractor Supply said the increase was mainly the result of $2.8 million in stock-option expenses, and the continued expansion of the store base resulting in higher occupancy costs.For the full year 2006, Tractor Supply earned $91 million, or $2.22 per share, compared with $85.7 million, or $2.09 per share, in 2005. Revenue rose to $2.37 billion from $2.07 billion the year before.Tractor Supply shares closed up $1.03, or 2.1 percent, at $50.33 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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