Solid Q3 results for Tractor Supply
Tractor Supply Company reported that net sales for the third quarter 2019 increased 5.4% to $1.98 billion from $1.88 billion in the third quarter of 2018.
Comparable store sales increased 2.9%, as compared to an increase of 5.1% in the prior year’s third quarter. The comparable store sales results included increases in comparable average ticket of 2.3% and comparable transaction count of 0.6%.
The Brentwood, Tenn.-based retailer also reported a third quarter net income of $122.1 million, up 4.6% from a net income of 116.8 million for the same period a year ago.
During the period, the company opened 25 new Tractor Supply stores and one new Petsense store while closing one Tractor Supply store and two Petsense stores.
As of Sept. 28, 2019, Tractor Supply operated 1,814 Tractor Supply stores in 49 states along with 176 Petsense stores in 26 states.
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The bottom line: Sales, profits and comp sales all rise for the rural lifestyle retailer.
What the CEO said: “Tractor Supply once again delivered strong results in the third quarter, driven by the strength of our team’s execution and their ability to be nimble through varying seasonal conditions. Our solid comparable store sales growth of 2.9% for the third quarter was in line with our expectations, with improvements in both our comparable average ticket and transaction count. Importantly, our operating profit margin improved in the third quarter through gross margin expansion initiatives. We have updated our full year guidance for 2019 and are on track to deliver against our commitments. We remain excited about the opportunities ahead to meet our customers’ needs and deliver increased value for our shareholders,” said Greg Sandfort, Tractor Supply CEO.
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Comparable store sales increased 2.9%, as compared to an increase of 5.1% in the prior year’s third quarter. The comparable store sales results included increases in comparable average ticket of 2.3% and comparable transaction count of 0.6%.
The Brentwood, Tenn.-based retailer also reported a third quarter net income of $122.1 million, up 4.6% from a net income of 116.8 million for the same period a year ago.
During the period, the company opened 25 new Tractor Supply stores and one new Petsense store while closing one Tractor Supply store and two Petsense stores.
As of Sept. 28, 2019, Tractor Supply operated 1,814 Tractor Supply stores in 49 states along with 176 Petsense stores in 26 states.
###
The bottom line: Sales, profits and comp sales all rise for the rural lifestyle retailer.
What the CEO said: “Tractor Supply once again delivered strong results in the third quarter, driven by the strength of our team’s execution and their ability to be nimble through varying seasonal conditions. Our solid comparable store sales growth of 2.9% for the third quarter was in line with our expectations, with improvements in both our comparable average ticket and transaction count. Importantly, our operating profit margin improved in the third quarter through gross margin expansion initiatives. We have updated our full year guidance for 2019 and are on track to deliver against our commitments. We remain excited about the opportunities ahead to meet our customers’ needs and deliver increased value for our shareholders,” said Greg Sandfort, Tractor Supply CEO.
Company info: Click here to read T