Tractor Supply Company announced that its board of directors increased the Company's quarterly cash dividend 30% to $0.26 per share of the Company's common stock, up from the previous $0.20 per share. The dividend will be paid on June 4, 2013, to stockholders of record as of the close of business on May 20, 2013.

Tractor Supply Company reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported net sales of $1,085,838,000 against $1,020,417,000 a year ago. Operating income was $67,923,000 against $64,393,000 a year ago. Income before income taxes was $67,744,000 against $63,810,000 a year ago. Net income was $44,006,000 or $0.62 per diluted share against $40,328,000 or $0.55 per diluted share a year ago. Net cash used in operating activities was $95,299,000 against $20,298,000 a year ago. Capital expenditures were $49,335,000 against $31,829,000 a year ago. Same-store sales increased 0.5% compared to a very strong 11.5% increase in the prior-year period. The same-store sales increase was driven primarily by continued strong results in key consumable, usable and edible (C.U.E.) products, principally animal- and pet-related merchandise. The company confirmed its fiscal 2013 expectations for net sales to range between $5.07 billion and $5.17 billion, with same-store sales expected to increase 3% to 5%. The company projects fiscal 2013 full year net income to range from $4.32 to $4.40 per diluted share. This projection includes estimated costs of $0.06 to $0.07 per diluted share associated with the relocation of its Southeast distribution center and its corporate data center. The company continues to forecast comparable store sales to increase between 3% and 5%. The company is targeting improvement of approximately 10 to 20 basis points in EBIT margin compared to 2012. The company anticipates net income to range from approximately $304 million to $310 million. For the full year, the company expects to achieve slight gross margin rate improvement through the execution of its key gross margin initiatives. For the full year, the company continues to forecast its effective tax rate to be approximately 36.5%. For the full year, the company expects capital expenditures to range between $240 million and $250 million including spending to support 100 to 105 new store openings and construction of the company's Southeast distribution center expected to open in 2013 and new Store Support Center expected to open in 2014.

Tractor Supply Company, Q1 2013 Earnings Call, Apr 24, 2013