Tractor Supply Company (TSCO), the largest rural lifestyle retail store chain in the United States, reported that its third-quarter net income increased to $76.6 million from $64.8 million, last year. Earnings per share was $0.55 compared to $0.46 in the third quarter of the prior year.
On average, 27 analysts polled by Thomson Reuters expected the company to report profit per share of $0.50 for the quarter. Analysts' estimates typically exclude special items.
Net sales increased 12.6% to $1.36 billion from $1.21 billion in the third quarter of 2013. Comparable store sales increased 5.6%. The company said the increase in comparable store sales was broad based and driven by increases in both traffic and ticket. Analysts expected revenue of $1.32 billion for the quarter.
The company raised its fiscal year 2014 sales and earnings per share outlook to the high end of the previously provided ranges of $5.62 billion to $5.70 billion in net sales, 2.5% to 4.0% in comparable store sales and $2.54 to $2.62 in earnings per share. Analysts expect the company to report fiscal 2014 earnings per share of $2.55 on revenue of $5.64 billion.
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