Tractor Supply Co. plows through a late spring to a strong Q1
Despite a late spring deterring trips to farm and ranch retailers and hardware stores, Tractor Supply Co. posted solid sales and earnings during the first quarter.
“We are pleased with our overall performance and how effectively we managed our business,” said CEO Greg Sandfort.
The company reported net sales of $1.68 billion, up 7.6% from $1.56 billion in the first quarter last year. Comparable store sales increased 3.7%, a much-improved performance compared to a decrease of 2.2% in the prior year quarter. Net income increased 18.4% to $71.4 million in the first quarter.
The increase in comparable store sales was primarily driven by strength in everyday merchandise, including consumable, usable and edible products, along with strong demand for winter seasonal categories. These increases were offset by lower sales of spring and summer seasonal products.
“As we enter the second quarter, we believe we are well-positioned to capitalize on the spring selling season,” Sandfort said.
The company with more than 1,700 stores in 49 states opened 15 new Tractor Supply stores and four Petsense stores in the first quarter.
“We are pleased with our overall performance and how effectively we managed our business,” said CEO Greg Sandfort.
The company reported net sales of $1.68 billion, up 7.6% from $1.56 billion in the first quarter last year. Comparable store sales increased 3.7%, a much-improved performance compared to a decrease of 2.2% in the prior year quarter. Net income increased 18.4% to $71.4 million in the first quarter.
The increase in comparable store sales was primarily driven by strength in everyday merchandise, including consumable, usable and edible products, along with strong demand for winter seasonal categories. These increases were offset by lower sales of spring and summer seasonal products.
“As we enter the second quarter, we believe we are well-positioned to capitalize on the spring selling season,” Sandfort said.
The company with more than 1,700 stores in 49 states opened 15 new Tractor Supply stores and four Petsense stores in the first quarter.