The remerchandising reduced the square footage of agriculture-related repair parts and supplies in stores and increased the amount of animal feed sold in the company's units. Tractor Supply also added more imported products and increased its number of vendors.
The company, which operates units in 32 states, plans to open 14 new stores by the end of the year. Tractor Supply has opened 38 units so far this year. During the quarter, it opened 13 units and relocated four. Company CEO James Wright said Tractor Supply will release its projected 2005 openings during its fourth quarter financial results. "The pace of change at Tractor Supply will not slow down," he said. "Our execution will improve."
Tractor Supply's third-quarter same-store sales jumped 10.1% year-over-year. Stores impacted by hurricanes posted a comparable rise of 36%. Net sales increased 18%, from $361.2 million to $426.4 million. Net income for the company's first nine months of the year was $43.1 million, up from $39.6 million during the same period in 2003.
Earlier this month Wright was named CEO of Tractor Supply. Formerly the company's president and COO, he succeeded Joe Scarlett, who has continued to serve as the company's chairman.
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