Tractor Supply rolls through Q1
Tractor Supply Company reported first quarter 2019 net sales increased 8.3% to $1.82 billion from $1.68 billion in the first quarter of 2018.
Comparable store sales increased 5% compared to an increase of 3.7% in the prior year’s first quarter. The retailer’s comparable transaction count grew 1.8% for the quarter while the average ticket grew 3.2%.
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 and, to a lesser extent, sales of spring merchandise, Tractor Supply said.
The Brentwood, Tenn.-based company also posted a net income of $76.8 million for the quarter, up 7.6% from a net income of $71.4 million in the first quarter a year ago.
During the quarter, Tractor Supply opened 10 new stores and one Petsense location compared to 15 new Tractor Supply store openings and four Petsense store openings in the same period last year. Tractor Supply also opened a new distribution center in Frankfort, N.Y.
“We continue to execute on our ONETractor strategy to provide our customers with a seamless shopping experience anytime, anywhere and in any way they choose, and we remain committed to creating sustainable long-term shareholder value,” said Greg Sandfort, Tractor Supply CEO.
Looking ahead, Tractor Supply has forecast net sales of $8.31 billion to $8.46 billion for the fiscal year – an increase of 2% to 4% above 2018 sales.
The company has also forecast a net income of $575 million for the year. For fiscal 2018, Tractor Supply reported a net income of $532.4 million – rising 26% compared to a net income of $422.6 million, in 2017.
As of March 30, Tractor Supply operated 1775 stores in 49 states along with 176 Petsense stores in 26 states.
Comparable store sales increased 5% compared to an increase of 3.7% in the prior year’s first quarter. The retailer’s comparable transaction count grew 1.8% for the quarter while the average ticket grew 3.2%.
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 and, to a lesser extent, sales of spring merchandise, Tractor Supply said.
The Brentwood, Tenn.-based company also posted a net income of $76.8 million for the quarter, up 7.6% from a net income of $71.4 million in the first quarter a year ago.
During the quarter, Tractor Supply opened 10 new stores and one Petsense location compared to 15 new Tractor Supply store openings and four Petsense store openings in the same period last year. Tractor Supply also opened a new distribution center in Frankfort, N.Y.
“We continue to execute on our ONETractor strategy to provide our customers with a seamless shopping experience anytime, anywhere and in any way they choose, and we remain committed to creating sustainable long-term shareholder value,” said Greg Sandfort, Tractor Supply CEO.
Looking ahead, Tractor Supply has forecast net sales of $8.31 billion to $8.46 billion for the fiscal year – an increase of 2% to 4% above 2018 sales.
The company has also forecast a net income of $575 million for the year. For fiscal 2018, Tractor Supply reported a net income of $532.4 million – rising 26% compared to a net income of $422.6 million, in 2017.
As of March 30, Tractor Supply operated 1775 stores in 49 states along with 176 Petsense stores in 26 states.