Tractor Supply Company reported earnings results for the fourth quarter and full year of 2012. For the quarter, on a year-over-year basis, the company's net sales increased 10.8% to $1.29 billion when adjusts the one additional week, the company had in its fourth quarter last year. Correspondingly, net income grew by approximately 24% to $79.5 million or $1.11 per diluted share adjusted for that additional week. Comp store sales, which are the more relevant measure, increased 4.7% for the fourth quarter compared to last year's increase of 7.1%, adjusted for the one week calendar shift.

Capital expenditures for the year were $153 million as compared to $166 million last year. The company's capital spending is generally consistent with the prior year, but below its expectations that would be at the high end of its forecasted range of $160 million to $170 million.

The company provided earnings guidance for the fiscal 2013. For the year, the company anticipates net sales will 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. 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. The company has forecasted comp sales to increase between 3% and 5%. The company is targeting improvement, approximately 10 to 20 basis points in EBIT margin compared to 2012, with the majority coming from gross margin as a result of several of its key merchandising initiatives. The company anticipates net income to range from approximately $304 million to $310 million. For the full year, the company expects net gross margin rate expansion of approximately 10 to 15 basis points. The company expects to achieve its gross margin rate improvement through the execution of its key gross margin initiatives. These initiatives will provide the company, ability to overcome an estimated gross margin headwind of approximately 10 to 15 basis points from the continuing mix shift to its C.U.E. products, which carry a below-chain-average margin rate. For the full year, the company forecasts its effective tax rate will be approximately 36.5%, consistent with 2012.

The company expects to open 100 to 105 new stores, with approximately 50% to 55% opened in the first half of the year.