RTTNews | Oct 21, 2021 07:55AM EDT

07:55 Thursday, October 21, 2021 (RTTNews.com) - Rural lifestyle retailer Tractor Supply Co. (TSCO) on Thursday reported that net income for the third quarter increased to $224.4 million or $1.95 per share from $190.6 million or $1.62 per share in the prior-year quarter.

Net sales for the quarter grew 15.8 percent to $3.02 billion from $2.61 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.66 per share on revenues of $2.87 billion for the quarter. Analysts' estimates typically exclude special items.

Comparable store sales increased 13.1 percent, driven by comparable average ticket growth and comparable average transaction count growth of 9.5 percent and 3.6 percent, respectively.

The Company opened 12 new Tractor Supply stores and three new Petsense stores in the third quarter of 2021.

Looking ahead to fiscal 2021, the company now projects earnings in a range of $8.40 to $8.50 per share on net sales of about $12.6 billion, with comparable store sales growth of about 16 percent.

Previously, the company expected earnings in a range of $7.70 to $8.00 per share on net sales between $12.1 billion and $12.3 billion, with comparable store sales growth of 11 to 13 percent.

The Street is looking for earnings of $8.0 per share on net sales of $12.26 billion for the year.

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