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Tractor Supply has a market cap of $6.53 billion; its shares were traded at around $94.67 with a P/E ratio of 25.2 and P/S ratio of 1.5. The dividend yield of Tractor Supply stocks is 0.9%. Tractor Supply had an annual average earning growth of 19.9% over the past 10 years. GuruFocus rated Tractor Supply the business predictability rank of 5-star.
Highlight of Business Operations:Net sales increased 12.9% to $3.38 billion for the first nine months of fiscal 2012 from $2.99 billion for the first nine months of fiscal 2011. Same-store sales for the first nine months of fiscal 2012 were $3.18 billion, a 5.5% increase over the first nine months of fiscal 2011. This compares to an 8.5% same-store sales increase for the first nine months of fiscal 2011 over the first nine months of fiscal 2010. The 2012 same-store sales increase was broad-based across all major product categories. Inflation was also broad-based across all major product categories especially in livestock feed, bird feeding, lubricants and fencing. This contributed approximately 285 basis points to the 2012 same-store sales increase. In addition to these factors, total net sales benefited from new store growth, as discussed below.
Store growth was approximately 9.2%, a net increase of 97 stores since September 24, 2011. Non-comp sales for the first nine months of fiscal 2012 were $200.4 million, a 6.7% increase over total first nine months fiscal 2011 net sales. Non-comp sales for the first nine months of fiscal 2011 were $166.5 million, a 6.4% increase over total first nine months fiscal 2010 net sales.
Gross margin increased 13.7% to $1.14 billion for the first nine months of fiscal 2012 from $1.00 billion in the first nine months of fiscal 2011. As a percent of sales, gross margin increased 30 basis points to 33.8% for the first nine months of fiscal 2012 compared to 33.5% for the comparable period in fiscal 2011. The increase in gross margin as a percent of sales resulted primarily from improved direct product margin. Direct product margin increased primarily as a result of continued efforts in our key margin-driving initiatives of inventory management, strategic sourcing, private branding and pricing.
As a percent of sales, SG&A expenses, including depreciation and amortization, improved 90 basis points to 24.6% in the first nine months of fiscal 2012 from 25.5% in the first nine months of fiscal 2011. The SG&A improvement as a percent of sales for the first nine months of fiscal 2012 was primarily attributable to same-store sales growth as well as expense control with respect to store personnel, occupancy and other operating costs. Total SG&A expenses increased 8.8% to $829.4 million from $762.5 million in the first nine months of fiscal 2011. The increase in SG&A expense primarily reflects new store growth, variable costs associated with our same store sales growth, and operating costs relating to the Franklin, KY distribution center, which became operational in the fourth quarter of fiscal 2011.
The $44.5 million improvement in net cash provided by operations in the first nine months of fiscal 2012 compared with the first nine months of fiscal 2011 primarily reflects stronger earnings and an increase in income taxes payable, partially offset by a decrease in accrued expenses. The increase in income taxes payable is primarily attributable to the timing of tax payments and larger pretax income in fiscal 2012. The decrease in accrued expenses is primarily a result of the timing of payroll accruals and lower accrued employee compensation expense.
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