Posted on HBSDealer.com | April 23, 2020
According to Tractor Supply Company President and CEO Hal Lawton, the farm and ranch retailer’s first quarter results “underscore the importance” of the company as a needs-based retailer.
Tractor Supply reported first quarter 2020 sales increased 7.5% to $1.96 billion from sales of $1.82 billion in the first quarter a year ago.
Comp store sales grew 4.3% during the period compared to an increase of 5% in the first quarter 2019. Comp sales results include a comparable average ticket increase of 5.4% and a decrease in comparable transaction count of 1.1%.
The Brentwood, Tenn.-based company said that its increase in comp store sales were driven by strength in consumable, usable and edible product categories, along with demand for spring seasonal categories. Growth was partially offset by softness in sales of cold weather seasonal merchandise and discretionary categories such as clothing and footwear.
Tractor Supply’s first quarter net income increased 9% to $83.8 million compared to a net income of $76.8 million for the corresponding period last year.
During the quarter, Tractor Supply opened 20 new stores and closed one Del’s location.
As of March 28, Tractor Supply operated 1,863 stores in 49 states along with 180 Petsense stores in 26 states. Tractor Supply has more than 33,000 employees.
The Bottom Line: Profits rise 9% to $83.8 million at Tractor Supply as sales grow 7.5% to $1.96 billion.
What the CEO said: “I can’t thank the Tractor Supply team members enough for their dedication and support of each other and our customers. During these unprecedented times, I am incredibly proud of how the team is responding,” Lawton said.
“At this critical time, Tractor Supply is committed to supporting our customers’ ability to take care of their families, property and animals. We are leveraging our strengths and pursuing opportunities as we adapt to our customers’ changing needs, as they rely on us to be the dependable supplier to support their lifestyle,” he added.
Company info: The full first quarter 2020 report from Tractor Supply can be accessed here.