In the second quarter, Tractor Supply enjoyed mid-single-digit comparable store sales growth following a 10.5% year-over-year gain in the period a year prior and a solid earnings increase.
For the period, Tractor Supply topped a MarketBeat analyst consensus earnings per share estimate of $3.50 and just surpassed a sales estimate of $3.89 billion.
Comparable sales increased 5.5% year over year driven by comparable average ticket growth of 7.5%, Tractor Supply reported, offset by a decline in comparable average transaction count of 2%. Comparable store sales growth reflected strength in everyday, needs-based merchandise, including consumable, usable and edible products, and year-’round product categories
Second quarter net sales increased 8.4% to $3.90 billion versus the year-before quarter, Tractor Supply noted. Operating income advanced 8.1% to $525 million in the period a year previous.
“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, Tractor Supply president and CEO, in announcing the financial results. “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. Given the strong performance in the first half of the year, ongoing consistency of our sales performance, visibility into our cost structure and the quality of our inventory, we are raising our financial outlook for the full year. We believe Tractor Supply is uniquely positioned for growth with a resilient, domestic business model that has stood the test of time, despite our outlook for a highly inflationary and volatile environment. Looking ahead, we will continue to focus on controlling what we can control, while making investments in our Life Out Here strategy to strengthen our business and create long-term value for our shareholders.”
During the quarter, Tractor Supply opened 13 new stores. As of June 25, the company operated 2,016 Tractor Supply stores in 49 states, a consumer mobile app and an e-commerce website at www.tractorsupply.com.
