Tractor Supply Company reported third quarter sales increased 8.4% to $3.27 billion from $3.02 billion in the third quarter of 2021.
Comparable store sales increased 5.7%, as compared to an increase of 13.1% in the prior year's third quarter. Comparable store sales for the third quarter of 2022 were driven by comparable average ticket growth of 7%, partially offset by a comparable average transaction count decline of 1.3%.
The Brentwood, Tenn.-based farm and ranch retailer’s net income increased 4.3% to $234.1 million from $224.4 million for the same period a year ago.
During the third quarter, the company opened 11 new Tractor Supply stores and two new Petsense by Tractor Supply stores.
As of Sept. 24, Tractor Supply operated 2,027 stores in 49 states along with 180 Petsense by Tractor Supply stores in 23 states.
This month, Tractor Supply finalized a deal to acquire 81 stores from Orscheln Farm and Home that will be rebranded to Tractor Supply by the end of 2023.
Tractor Supply has also upwardly revised its financial projections for 2022. The retailer now expects total sales of $14.06 billion to $14.12 billion compared to a previous forecast for sales between $13.95 and $14.05 billion.
The new financial outlook also expects comp sales increases of 5.4% to 5.8% as compared to earlier expectations of growth running from 5.2% to 5.8%.
The retailer has also forecasted a year-end net income ranging from $1.07 billion to $1.08 billion.