Tractor Supply reported first-quarter earnings and sales that topped analysts estimates.
The rural lifestyle retailer also said that its new store openings were delayed during the quarter by lingering impacts from the pandemic and challenges facing the construction industry. It continues to target opening approximately 75 to 80 new Tractor Supply stores in fiscal 2022.
Net income increased 3.2% to $187.2 million, or $1.65 per share, for the quarter ended March 26, up from $181.4 million, or $1.55 per share, in the year-ago period. Analysts had expected earnings per share of $1.42.
Sales increased 8.3% to $3.02 billion from $2.79 billion last year, beating estimates of $2.922 billion. Comparable store sales rose 5.2% on top of 38.6% comparable store sales growth last year. The average ticket rose 6.7% amid a 1.4% decline in average average transaction count. The company said its e-commerce sales experienced double-digit percentage growth for the 39th consecutive quarter.
“The Tractor Supply team delivered strong results with another quarter of record sales and earnings despite having a difficult comparison from last year’s record sales, ongoing supply chain constraints and the Omicron surge,” said Hal Lawton, president and CEO, Tractor Supply. “While we anticipate that we will continue to operate in a highly inflationary and volatile environment, we believe Tractor Supply is uniquely positioned for growth with a resilient, domestic business model that has stood the test of time. The strength of our business and the needs-based, demand-driven nature of our product categories … give us confidence in our outlook and in our ability to successfully navigate the continuing challenges of the dynamic environment.”
At March 26, 2022, the company operated 2,003 Tractor Supply stores in 49 states and an e-commerce website, and 178 Petsense stores in 23 states. (Petsense is a small-box pet specialty supply retailer focused on meeting the needs of pet owners, primarily in small and mid-size communities.)