Tractor Supply cranks up sales in Q2

Tractor Supply Company reported second quarter net sales increased 8.4% to $3.9 billion compared to sales of $3.6 billion in the second quarter of last year.

Comparable store sales rose 5.5% for the period in comparison to a 10.5% increase for the same period a year ago. 

The Brentwood, Tenn.-based farm and ranch retailer said comparable store sales for the second quarter were driven by comparable average ticket growth of 7.5%, offset by a decrease in comparable average transaction count of 2%.

The company also posted a net income of $396.5 million for the second quarter rising 7.1% from a net income of $370 million in the second quarter a year ago.

Tractor Supply has revised its outlook and now expects sales of $13.95 billion to $14.05 billion for the fiscal year. Prior, the company had forecast sales of $13.6 billion to $13.8 billion.

The retailer increased its earnings expectations to $1.065 billion to $1.085 billion from the previous estimate of $1.04 billion to $1.08 billion.

During the quarter, Tractor Supply opened 13 new stores. In the first quarter, Tractor Supply did not open any new stores and said the arrival of new locations were hampered by complications related to the pandemic.

As of June 25, Tractor Supply operated 2016 stores in 49 states along with 178 Petsense stores in 23 states.

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The Bottom Line: Sales at Tractor Supply are up 8.4% as profits rise more than 7% to $396.5 million.

What the CEO said: “Tractor Supply had a strong second quarter that was in line with our expectations with record results on both sales and earnings,” said Hal Lawton, president and CEO of Tractor Supply. “Our team’s outstanding focus on serving our customers with the products and services they need to live the Out Here lifestyle allowed us to capture broad-based market share during the quarter.”

Company info: Click here to read the full second quarter 2022 financial report from Tractor Supply Company.