Tractor Retail Store Sees Rising Profit In 2008 30/01/2008
Retail farm and ranch chain store, Tractor Suppply Co. said last month that 2008 looks set to be a very profitable year for tractors equipment and spare parts. The company reported that they expect to see a rise of between 6 and 9 percent in the fiscal year 2008. This should result in a full-year profit between $2.54 and $2.62 per share, compared with the $2.40 per share in 2007. The sale of tractors is expected to rise 11 percent to 14 percent in 2008. The industry reported sales of $2.7 billion for 2007 and could see sales rise this year anywhere from $3.01 billion to $3.08 billion.
Tractor Supply is looking to open another 95 to 100 new stores in 2008, adding to last years growth which saw 89 new stores open and the relocation of 12 stores. The overall market for Tractor Supply showed shares gaining 54 cents or 1.6 percent. This reflects the overall trend in the farming equipment market which has seen big increases in profit across the globe. The health of the farming industry market is due to the large increases in the price of grain and growing demand for equipment to meet the supply demand world wide.