Tractor Supply sales rise high in Q1

Tractor Supply Company turned in another mega first quarter with big gains in sales and comps.

The farm and ranch lifestyle retailer reported first quarter sales soared 42.5% to $2.79 billion from first quarter 2020 sales of $1.96 billion. 

Comparable store sales jumped 38.6% compared to a 4.3% increase for the same period a year ago.

The Brentwood, Tenn.-based company said comp sales results included an increase in comparable average transaction count and ticket of 21% and 17.6%.

All of the geographic regions where Tractor Supply operates had positive comparable store sales growth of at least 30%. Comp growth was fueled by strong demand for consumable, usable and edible products and robust growth for seasonal categories, the company said. 

Additionally, Tractor Supply’s e-commerce sales saw triple-digit percentage growth for the fourth consecutive quarter.

Tractor Supply’s net income for the first quarter increased 116.5% to $181.4 million from $83.8 million in the prior year’s first quarter.

During the first quarter, Tractor Supply opened 21 new stores and 2 new Petsense stores while closing 7 Petsense locations.

As of March 27, Tractor Supply operated 1,944 stores in 49 states. The company also 177 Petsense stores in 23 states.

###

The Bottom Line: Sales rise 42.5% to $2.79 billion as earnings jump more than 116% to $181.4 million.

What the CEO said:  “The Tractor Supply team delivered an exceptionally strong start to the year, and our comparable store sales growth exceeded our expectations,” said Hal Lawton, president and CEO of Tractor Supply. “This record performance was achieved by the more than 42,000 Tractor Supply Team Members who are committed to taking care of each other and our customers as the dependable supplier of the Out Here lifestyle. I continue to be incredibly proud of how the organization is responding in the current environment.”

Company info: Tractor Supply’s full first quarter 2021 financial report can be read here.